Comtech Announces Launch of Public Offering of its Common Stock
MELVILLE, N.Y.--(BUSINESS WIRE)--
June 13, 2016-- Comtech Telecommunications Corp. (the "Company" or
"Comtech") (NASDAQ: CMTL) today announced the commencement of an
underwritten public offering of up to $100 million of shares of its
common stock, subject to market conditions. All of the shares in the
offering are to be sold by Comtech. Comtech intends to grant the
underwriters a 30-day option to purchase up to an additional $15 million
of shares of its common stock for sale in the offering.
The Company intends to use the net proceeds of the common stock offering
to repay borrowings under its Secured Credit Facility and for working
capital and general corporate purposes.
The offering is being made through an underwriting group led by
Citigroup and Jefferies LLC who are acting as joint book-running
managers of the offering. BMO Capital Markets Corp. and Raymond James &
Associates, Inc. are acting as additional book-running managers for the
offering. Northland Securities, Inc., Ladenburg Thalmann & Co. Inc.,
Noble International Investments, Inc. and Santander Investment
Securities Inc. are acting as co-managers.
The Company has filed a registration statement (including a prospectus)
with the SEC for the offering to which this news release relates. Before
you invest, you should read the prospectus in that registration
statement, the preliminary prospectus supplement and any other documents
the Company has filed with the SEC for more complete information about
the Company and this offering. You may get these documents for free by
visiting EDGAR on the SEC website at www.sec.gov
or by contacting Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or via telephone at (800)
831-9146; or Jefferies LLC, Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd Floor, New York, NY 10022, or by email at Prospectus_Department@Jefferies.com,
or by telephone at (877) 821-7388.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements regarding our
planned offer and sale of common stock and the use of the net proceeds
from any such sale. We cannot be sure that we will complete the offering
or, if we do, on what terms we will complete it. Forward-looking
statements are based on current beliefs and expectations and are subject
to inherent risks and uncertainties, including those discussed under the
caption "Risk Factors" in the prospectus and prospectus supplement. In
addition, Comtech management retains broad discretion with respect to
the allocation of the net proceeds of this offering. The forward-looking
statements speak only as of the date of this release, and Comtech is
under no obligation to, and expressly disclaims any such obligation to,
update or alter its forward-looking statements, whether as a result of
new information, future events, or otherwise.
About Comtech
Comtech Telecommunications Corp. designs, develops, produces and markets
innovative products, systems and services for advanced communications
solutions. The Company sells products to a diverse customer base in the
global commercial and government communications markets.