S&W Stock Offering to Pay Down Debt
The parent company of Smith & Wesson Corp. announced last week that it has priced a public offering of 6,250,000 shares of its common stock.
The approximately $31.9 million of net proceeds from the offering will be used to repay bank debt and for general corporate purposes. The firm, which operates a manufacturing facility in Rochester, N.H., trades on the Nasdaq under the symbol SWHC.
Smith & Wesson is based in Springfield, Mass., with manufacturing facilities in Springfield, Houlton, Maine, and Rochester.
Smith & Wesson Holding Corporation also announced it has shipped an order for 500 of the company's M&P45 pistols to the Worcester, Massachusetts, Police Department.
The M&P45 will be issued to each officer in the department to replace non-Smith & Wesson pistols that previously served as Worcester PD's primary duty firearm.
Gary J. Gemme, chief of police for the Worcester PD, said, "The pistol performed well throughout the testing process in both accuracy and reliability, and the pistol's interchangeable grip sizes allowed for a custom fit to each officer's hand size."