Moog to repay bank debt with $73.4 million stock sale proceeds

New York, Feb. 14 - Moog Inc. said it will repay borrowings on its revolving bank credit facility with proceeds from a sale of 2.5 million of class A common stock.

The shares were priced at $31.00 each for net proceeds of $73.4 million.

Amounts repaid on the revolver can be reborrowed for general corporate purposes, including acquisitions.

SG Cowen & Co. was underwriter of the stock sale. There is a greenshoe for 375,000 shares.

Moog is an East Aurora, N.Y., maker of precision control components and systems.

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