VeraSun Energy Corporation (NYSE: VSE) announced today the pricing of its initial public offering of 18,250,000 shares of its common stock at $23 per share (before underwriting discounts and commissions).
Of those shares, VeraSun is selling 11,000,000 shares and selling shareholders are selling 7,250,000 shares. In addition, certain of the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 2,737,500 shares of common stock at the initial public offering price.
Morgan Stanley & Co. Incorporated and Lehman Brothers Inc. are serving as the joint bookrunners of this offering, with A.G. Edwards & Sons, Inc. serving as the co-manager. Copies of the final prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department or by contacting Lehman Brothers Inc. c/o ADP Financial Services, IDS Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717.
About VeraSun Energy Corporation
VeraSun Energy Corporation is the second largest ethanol producer in the U.S. based on production capacity, according to the Renewable Fuels Association. The company has two operational production facilities in Aurora, South Dakota and Fort Dodge, Iowa and is constructing a third facility in Charles City, Iowa.
The company intends to use the net proceeds from the offering to finance a portion of the construction costs of two additional ethanol production facilities in the upper Midwest, with the balance expected to come from cash-on-hand and cash generated from operations during the construction period.
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