PENDLETON, Ind. -- Remy International is extending the expiration date of its ongoing common stock rights offering until Jan. 18.
On Nov. 8, the board approved a rights offering to allow holders of common shares to purchase equity in the company at $11 per share. Management intends to raise up to $237 million. These funds will be used to pay accrued dividends, redeem preferred shares and reduce debt, according to Remy.
Stockholders participating in the rights offering will be notified of any available unsubscribed shares the week of Jan. 24, with the final settlement date due on Jan. 31.
