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[September 2000]
Coorstek Completes Follow-on Stock Offering
CoorsTek, Inc., a leading manufacturer of critical components and assemblies for the semiconductor capital equipment industry, received net proceeds of $9.4 million from the sale of 250,000 shares of common stock.
This recent sale resulted from the Company's lead underwriter, Robertson Stephens, exercising its over-allotment option following the sale of 3 million shares of common stock on July 20, 2000. The Company applied net proceeds from both transactions of $122.7 million to debt repayment. "We are extremely pleased with the success of our follow-on offering and Wall Street's enthusiastic reception. This offering provided us with an excellent opportunity to increase our stock liquidity, strengthen our balance sheet, and enhance market awareness of the CoorsTek story," said Joe Coors, Jr., CoorsTek Chairman and Chief Executive Officer.
CoorsTek's long-term debt arrangements require it to apply 75 percent of the follow-on proceeds to debt repayment. Therefore, the Company will take a third quarter after-tax, extraordinary charge of approximately $900,000 related to the write-off of the debt issuance costs associated with the mandatory debt repayment.
CoorsTek is a leading designer and manufacturer of critical components and integrated assemblies for the semiconductor capital equipment market and other high tech applications. For additional information on CoorsTek, visit the Company's web site at www.coorstek.com.
ENDS