it was August of last year, the USG shareholders I was communicating with through the bankruptcy process were very impressed by CEO, Bill Foote. Here is the press release summarizing the monies raised.
August 02, 2006
USG CORPORATION REPORTS FINAL RESULTS OF RIGHTS OFFERING
Gross proceeds of $1.8 billion
Berkshire Hathaway ownership increases from 14.55 percent to 15.0 percent
$2.8 billion credit agreement becomes effective
CHICAGO, August 2, 2006 – USG Corporation (NYSE:USG), a leading building products company, reported today that 37.95 million rights were exercised in the company's recently concluded rights offering. Berkshire Hathaway Inc. acquired 6.97 million shares in connection with its role as backstop purchaser for the rights offering. These shares include 6.5 million shares underlying rights distributed to Berkshire Hathaway in connection with the shares it owned on the record date for the rights offering and 0.47 million shares underlying rights distributed to other stockholders that were not exercised in the rights offering. As a result, Berkshire Hathaway now owns 13.47 million shares, or 15.0 percent, of the company's outstanding common stock.
"We are gratified to see the very high level of participation in the rights offering," said USG Corporation Chairman and CEO William C. Foote. "We appreciate the ongoing support of stockholders, including Berkshire Hathaway, which has been a significant USG stockholder for more than five years."
The company used a portion of the $1.8 billion gross proceeds from the rights offering and the Berkshire Hathaway backstop commitment to repay pre-petition bank debt and senior notes, plus accrued interest, as contemplated in USG's Plan of Reorganization. Remaining proceeds, together with other available funds, will be used as required to make the balance of the payments contemplated by USG's Plan of Reorganization and for general corporate purposes.
News 
Market Data 
Discover 
AI
