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Gardner Denver to pay down $335 million term loans using IPO proceeds
By Susanna Moon
Chicago, May 3 – Gardner Denver Inc. said it plans to redeem its $575 million principal amount of 6 7/8% senior notes due 2021 and to repay $335 million of senior secured term loans.
Funding for the redemption and paydown will come from proceeds of an initial public offering of stock.
Gardner plans to price 41.3 million shares of its common stock at a price between $23.00 and $26.00 per share with a greenshoe for another 6,195,000 shares, according to a company notice.
The company is a Wayne, Pa.-based manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.
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