- Albemarle (NYSE:ALB) traded 5.8% down premarket priced its earlier announced underwritten public offering of 8.5M shares at $153/share; underwriters granted 30-day option to purchase up to 1.27M additional shares.
- Gross proceeds expected to be ~$1.3B.
- Offer expected to close on or about Feb.8.
- Proceeds to be used for primarily funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia, Chile and Silver Peak, Nevada, and opportunities in China.
- Also, it intends to use proceeds for debt repayment in the short term and other general corporate purposes.