By Sheri Kasprzak
New York, March 6 - TRC Cos. Inc. said it has concluded a $20 million private placement.
The company sold 2,162,162 shares at $9.25 each to Federal Partners, LP, an affiliate of The Clark Estates, and Peter Kellogg.
The price per share is an 11% discount to the weighted average closing price for the 60 days ended Feb. 27.
Proceeds will be used for debt reduction and general corporate purposes.
TRC, based in Windsor, Conn., develops technologies used in the environmental, infrastructure, power and transportation sectors.
| Issuer: | TRC Cos. Inc.
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| Issue: | Stock
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| Amount: | $20 million
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| Shares: | 2,162,162
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| Price: | $9.25
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| Warrants: | No
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| Investors: | Federal Partners, LP and Peter Kellogg
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| Settlement date: | March 6
|
| Stock symbol: | NYSE: TRR
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| Stock price: | $11.42 at close March 6
|
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