CPI International, Inc. Announces Pricing of Initial Public Offering at $18 Per Share
April 27 2006 - 10:31PM
PR Newswire (US)
PALO ALTO, Calif., April 27 /PRNewswire/ -- CPI International, Inc.
announced today the pricing of its initial public offering of
7,058,870 shares of its common stock at $18 per share. The Company
offered 2,941,200 of these shares, while selling stockholders,
which are funds controlled by affiliates of The Cypress Group,
offered the remaining 4,117,670 shares. The shares are expected to
begin trading tomorrow, April 28, 2006, on the Nasdaq National
Market under the symbol CPII. The underwriters have been granted a
30-day option to purchase up to an additional 441,180 shares of
common stock from CPI International and an additional 617,651
shares from selling stockholders at the initial public offering
price, less the underwriting discount, to cover any
over-allotments. The offering is expected to close on or about May
3, 2006. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO) CPI
International intends to use the net proceeds from the shares the
Company sells in the offering to repay, repurchase or redeem
indebtedness and to pay any associated early redemption costs,
accrued interest and transaction fees and expenses. CPI
International will not receive any net proceeds from the sale of
shares by existing stockholders. UBS Investment Bank and Bear,
Stearns & Co. Inc. acted as joint book-running managers of the
offering, and Wachovia Securities and Banc of America Securities
LLC acted as co-managers. A final prospectus including pricing
information may be obtained from: -- UBS Investment Bank --
Syndicate Department, 299 Park Avenue, New York, NY 10171, -- Bear,
Stearns & Co. Inc. -- Prospectus Department, 383 Madison
Avenue, New York, NY 10179, -- Wachovia Securities -- Attn: Equity
Capital Markets, 375 Park Avenue, New York, NY 10152 or -- Banc of
America Securities LLC -- Capital Markets Operations, 100 West 33rd
Street, Third Floor, New York, NY 10001. About CPI International,
Inc. CPI International, Inc., headquartered in Palo Alto,
California, is the parent company of Communications & Power
Industries, Inc., a leading provider of microwave and radio
frequency products for critical defense, communications, medical,
scientific and other applications. Communications & Power
Industries, Inc. develops, manufactures and distributes products
used to generate, amplify and transmit high-power/high-frequency
microwave and radio frequency signals and/or provide power and
control for various applications. End-use applications of these
systems include the transmission of radar signals for navigation
and location; transmission of deception signals for electronic
countermeasures; transmission and amplification of voice, data and
video signals for broadcasting, Internet and other types of
communications; providing power and control for medical diagnostic
imaging; generating microwave energy for radiation therapy in the
treatment of cancer and for various industrial and scientific
applications. Certain statements included above constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements provide our current expectations or forecasts of future
events and include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Forward-looking statements are
subject to known and unknown risks and uncertainties, and many
factors could cause actual events or results to differ materially
from future events or results expressed or implied by these forward
looking statements. These factors include, but are not limited to,
changing market trends and competition in the markets in which we
sell our products; our significant amount of debt and the
restrictions and limitations that are imposed on us in the
agreements governing our debt; reductions in the U.S. defense
budget or a general decline in U.S. government expenditures; laws
and regulations relating to U.S. government contracts; the loss of
any key member of our management team; advances in existing
technology or new technology, unexpected costs incurred by us on
our sales orders, our inability to obtain raw materials and
components and currency fluctuations, foreign regulatory
requirements and U.S. export restrictions. These and other risks
are described in more detail in our periodic filings with the
Securities and Exchange Commission. As a result of these
uncertainties, you should not place undue reliance on these
forward-looking statements. All future written and oral
forward-looking statements attributable to us or any person acting
on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. New
risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
us. We undertake no duty or obligation to publicly revise any
forward-looking statement to reflect circumstances or events
occurring after the date hereof or to reflect the occurrence of
unanticipated events or changes in our expectations.
http://www.newscom.com/cgi-bin/prnh/20060426/CPILOGO
http://photoarchive.ap.org/ DATASOURCE: CPI International, Inc.
CONTACT: investors, Amanda Mogin of Communications & Power
Industries, +1-650-846-3998, or Web site: http://www.cpii.com/
Copyright