Simpson Thacher represented the underwriters, led by Citigroup, BofA Securities and Wells Fargo Securities, in connection with the upsized registered follow-on offering of 1,725,000 shares of Class B common stock (inclusive of the underwriters’ full exercise of their option to purchase additional shares) of Bel Fuse Inc. (“Bel Fuse”). The offering raised approximately $459 million in gross proceeds. Bel Fuse intends to use the net proceeds from the offering to pay down any outstanding indebtedness under its Credit and Security Agreement, fund the remaining 20% acquisition of Enercon Technologies, Ltd. or other acquisitions or partnership opportunities that may arise, and the remainder, if any, for general corporate purposes.
Bel Fuse designs, manufactures, and markets critical electronic components, systems and solutions for customers in aerospace, defense, industrial and data-driven markets.
The Simpson Thacher team for the transaction included David Azarkh, Matt Petrone, Richard Ragusa, Karen Chan, Anna Cho and Orly Levy (Capital Markets); Michael Mann (Tax); George Gerstein and Pasco Struhs (Executive Compensation and Employee Benefits); Michael Isby (Environmental); Chandler Gerard-Reimer and Ron Ben-Yehuda (Intellectual Property); and Jennie Getsin (FINRA and Blue Sky).