Seneca Foods Corporation Announces Pricing of Secondary Stock Offering
16 Juillet 2009 - 12:15PM
PR Newswire (US)
MARION, N.Y., July 16 /PRNewswire-FirstCall/ -- Seneca Foods
Corporation (NASDAQ:SENEANASDAQ:SENEB) today announced the pricing
of the previously announced secondary offering by certain of its
shareholders of 3,266,376 shares of Class A common stock at a price
to the public of $22.00 per share. The selling shareholders have
granted the underwriters a 30-day option to purchase up to an
additional 489,956 shares of Class A common stock to cover
overallotments, if any. The offering is being conducted as a public
offering pursuant to an effective registration statement under the
Securities Act of 1933. Merrill Lynch & Co. is sole
book-running manager and Piper Jaffray & Co. is joint lead
manager of the offering. The offering is expected to close on July
21, 2009, subject to customary closing conditions. Seneca Foods
will not receive any of the proceeds from the offering. The
offering is being made solely by means of a prospectus and the
accompanying prospectus supplement. This press release shall not
constitute an offer to sell, or a solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. You may get a
copy of the prospectus and accompanying prospectus supplement
relating to the Class A common stock for free by visiting IDEA on
the SEC website at http://www.sec.gov/. Alternatively, copies can
be obtained from Merrill Lynch & Co., Attention: Prospectus
Department, 4 World Financial Center, New York, NY 10080,
telephone: 866-500-5408, or from Piper Jaffray & Co.,
Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis,
MN 55402, telephone: 612-303-8290 or email: . About Seneca Foods
Corporation Seneca Foods is one of the country's largest processors
of canned fruits and vegetables with manufacturing facilities
located throughout the United States. Its products are sold under
the Libby's , Aunt Nellie's Farm Kitchen , Stokely's , READ , and
Seneca labels as well as through the private label and industrial
markets. In addition, under an alliance with General Mills
Operations, LLC, a successor to The Pillsbury Company and a
subsidiary of General Mills, Inc., Seneca Foods produces canned and
frozen vegetables, which are sold by General Mills Operations, LLC
under the Green Giant label. Seneca Foods' common stock is traded
on the Nasdaq Global Stock Market under the symbols "SENEA" and
"SENEB". Forward-Looking Statements Statements that are not
historical facts, including statements about management's beliefs
or expectations, are forward-looking statements as defined in the
Private Securities Litigation Reform Act (PSLRA) of 1995. Because
such statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Among the factors that could cause
actual results to differ materially are: general economic and
business conditions; cost and availability of commodities and other
raw materials such as vegetables, steel and packaging materials;
transportation costs; climate and weather affecting growing
conditions and crop yields; leverage and the Company's ability to
service and reduce its debt; foreign currency exchange and interest
rate fluctuations; effectiveness of the Company's marketing and
trade promotion programs; changing consumer preferences;
competition; product liability claims; the loss of significant
customers or a substantial reduction in orders from these
customers; changes in, or the failure or inability to comply with,
U.S., foreign and local governmental regulations, including
environmental and health and safety regulations; and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on forward-looking statements, which reflect
management's analysis only as the date hereof. The Company assumes
no obligation to update forward-looking statements. DATASOURCE:
Seneca Foods Corporation CONTACT: Roland E. Breunig, CFO of Seneca
Foods Corporation, +1-608-757-6000 Web Site:
http://www.senecafoods.com/
Copyright