Lufkin Industries plans to repay loans with common stock proceeds

By Ashley Montgomery

Kansas City, Kan., Feb. 27 - Lufkin Industries, Inc. intends to use the proceeds from its offering of common stock to repay in full its new delayed draw temporary loan and its revolving credit facility, the company announced in a news release.

Any remaining proceeds will be used to repay the company's term loan and for general corporate purposes.

The offering is for 2.5 million shares of common stock with an over-allotment option for another 375,000 shares.

Lufkin Industries is a Lufkin, Texas-based manufacturer and seller of oil field pumping units and power transmission products.

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