VeraSun Energy Corporation (NYSE: VSE) has commenced a public offering of 20,000,000 shares of its common stock, subject to market conditions. VeraSun expects to grant its underwriters a 30-day option to purchase up to an additional 3,000,000 shares to cover overallotments, if any.
VeraSun intends to use the net proceeds of the offering for general corporate purposes.
Morgan Stanley & Co. Incorporated and UBS Securities LLC are acting as the joint book-running managers for the offering.
The stock closed at $2.88 on Tuesday, down 44% to a new 52-week low.
About VeraSun Energy Corporation
VeraSun Energy Corp., headquartered in Brookings, S.D., is a leading producer and marketer of ethanol and distillers grains. Founded in 2001, the company has a fleet of 16 production facilities in eight states, of which one is still under construction. VeraSun Energy is scheduled to have an annual production capacity of approximately 1.64 billion gallons of ethanol and more than five million tons of distillers grains by the end of 2008.
VeraSun also markets E85, a blend of 85 percent ethanol and 15 percent gasoline for use in Flexible Fuel Vehicles (FFVs), directly to fuel retailers under the brand VE85®
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