Baldor to Make Public Offerings

Baldor Electic Co. of Fort Smith said on Jan. 9 that it will make concurrent public offerings of about $200 million of common stock, $150 million of mandatorily convertible preferred stock and $550 million of unsecured senior notes.
Baldor, which makes and sells electric drives and motors, said proceeds from the offerings will be used to finance its previously announced $1.8 billion acquisition of the Reliance Electric industrial motors and Dodge mechanical power transmission businesses of Rockwell Automation Inc., repay company debt and pay related fees and expenses. The company expects to complete the offerings and the acquisition on or around Jan. 31.