The Firm represented the underwriters, led by J.P. Morgan Securities Inc. and Merrill Lynch & Co., in connection with a registered public offering of 10,925,000 shares of Class A common stock, including shares issued upon the full exercise of the underwriters’ over-allotment option, by Actuant Corporation resulting in gross proceeds of approximately $131.1 million.
Actuant intends to use the net proceeds of the offering to repay term loan borrowings under its existing senior credit facility and for general corporate purposes. The Class A common stock is listed on the New York Stock Exchange under the symbol “ATU”.
Actuant, headquartered in Wisconsin, is a diversified industrial company with sales of approximately $1.7 billion in fiscal 2008. Actuant is a leading manufacturer of a broad range of industrial products and systems, including branded hydraulic and electrical tools and supplies, umbilical, rope and cable solutions as well as highly engineered position and motion control systems.
The Simpson Thacher team for the transaction included Art Robinson, Ryan Bekkerus and Iksoo Kim (Capital Markets), Gregory Grogan and Samantha Shipp (Executive Compensation and Employee Benefits), Jonathan Cantor and Jennifer Klein (Tax), Timothy Mulvihill (Environmental), Krista McManus and Eric Berry (Real Estate), Keren Siman-Tov and Mindy Lok (Intellectual Property) and Andrew Pagliughi (Blue Sky). Summer Associate Qi Yue and paralegal Andre Sim provided valuable assistance.