Chart Industries Inc. has completed a secondary offering of the company's common stock, thereby raising money to cover overallotments.
The company said an investment fund affiliated with First Reserve Corp., which was Chart's largest shareholder, sold its remaining holdings of nearly 12.4m shares. Further Chart said its executive officers, including its CEO, sold 140,000 shares in the aggregate, and certain other employees sold 96,299 shares in total. Chart received no proceeds from those sales.
However, Chart said the offering's underwriters exercised an option to buy nearly 1.9m additional shares of newly issued common stock to cover overallotments. After underwriting discounts and before expenses, Chart received proceeds of $38.3m from the sale of the overallotment shares. Chart will use those proceeds for general corporate purposes, including debt reduction.