Oshkosh Truck Corporation (OSK)

[Investorman]

Oshkosh announces public offering of 13M shares


Vehicle maker Oshkosh Corp. said Wednesday it has started a public offering of 13 million shares.

The Oshkosh, Wis.-based company also said it plans to grant the underwriters of the offering an option for 30 days to buy up to 1.95 million additional shares to cover possible over-allotments.

Oshkosh said it plans to use the net proceeds of the offering to repay loans under a credit agreement.

BofA Merrill Lynch, JPMorgan and Goldman, Sachs & Co. are the joint book-running managers for the offering.

The company currently has roughly 74.4 million shares outstanding.

Shares of Oshkosh fell $1.03, or 3.4 percent, to $29.39 in after-hours trading. During the regular session, the stock dropped $1.80, or 5.6 percent, to close at $30.42.