AGCO Announces Public Offering of Common Stock
DULUTH, Ga., March 24 /PRNewswire-FirstCall/ -- AGCO Corporation , a worldwide
designer, manufacturer and distributor of agricultural equipment, today
announced that it has filed a prospectus supplementwith the Securities and
Exchange Commission and expects to offer 12,800,000 shares of common stock in a
fully underwritten public offering. All of the shares will be sold by AGCO, and
AGCO expects to grant the underwriters an option to purchase up to 1,920,000
additional shares of common stock to cover over allotments, if any. At the last
reported sale price of AGCO common stock on the New York Stock Exchange on March
23, 2004, the sale of the 12,800,000 shares would generate estimated net
proceeds of approximately $231 million to AGCO. The proceeds will be used to
repay existing indebtedness. The offering is expected to price during the week
of March 29, 2004.
Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. will act as
joint-bookrunners and lead underwriters for the proposed offering. Bear,
Stearns & Co. Inc., Rabo Securities USA, Inc., Tokyo-Mitsubishi International
plc, SunTrust Capital Markets, Inc. and Natexis Bleichroeder Inc. will serve as
co-managers for the proposed offering.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any securities. Any such offer will be made only by means of the
prospectus supplement and related prospectus. Potential investors should read
those documents carefully before making any investment decision. Copies of the
preliminary prospectus supplement and related prospectus may be obtained by
contacting by contacting Morgan Stanley & Co. Incorporated, Prospectus
Department, 1585 Broadway, New York, New York 10036.
Safe Harbor Statement AGCO's expectations with respect to the offering constitute forward looking
statements. Actual results may differ materially from those suggested in the
forward looking statements for a number of reasons, including market receptivity
to the offering, general economic conditions and other changes that impact
AGCO's business or the farm equipment industry in general.
AGCO Corporation, headquartered in Duluth, Georgia, is a global designer,
manufacturer and distributor of agricultural equipment and related replacement
parts. AGCO products are distributed in over 140 countries. AGCO offers a full
product line including tractors, combines, hay tools, sprayers, forage, tillage
equipment and implements through more than 8,400 independent dealers and
distributors around the world. AGCO products are distributed under the brand
names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R),
Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey Ferguson(R),
New Idea(R), RoGator(R), SisuDiesel(TM), Soilteq(TM), Spra-Coupe(R),
Sunflower(R), TerraGator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO
provides retail financing through AGCO Finance in North America and through
Agricredit in the United Kingdom, France, Germany, Ireland, and Brazil. In
2003, AGCO had net sales of $3.5 billion.
Please visit our website at http://www.agcocorp.com/ . DATASOURCE: AGCO Corporation CONTACT: Molly Dye, Vice President, Corporate Relations, +1-770-813-6044, or Andy Beck, Senior Vice President and Chief Financial Officer, +1-770-813-6083, both of AGCO Corporation Web site: http://www.agcocorp.com/
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