SOURCE: MWI Veterinary Supply, Inc.

July 28, 2006 13:07 ET

MWI Veterinary Supply, Inc. Announces Partial Exercise of Over-Allotment Option

MERIDIAN, ID -- (MARKET WIRE) -- July 28, 2006 -- MWI Veterinary Supply, Inc. (NASDAQ: MWIV) (the "Company" or "MWI") today announced that the underwriters of the Company's recently completed public offering have exercised their option to purchase an additional 134,950 shares of the Company's common stock to cover over-allotments. The underwriters have exercised their option to purchase 39,281 shares of common stock from the Company and 94,829 shares of common stock from certain selling stockholders. In total, including the over-allotment shares, the Company and certain selling stockholders will have sold 3,122,329 shares of the Company's common stock at $32.25 per share, before underwriting discounts and commissions in the public offering. The closing of the sale of the over-allotment shares is expected to occur on August 2, 2006, subject to the satisfaction of customary closing conditions. Piper Jaffray & Co., Banc of America Securities LLC and William Blair & Company, L.L.C. acted as joint book running managers for the public offering.

The Company intends to use the additional proceeds from its sale of the over-allotment shares to repay its borrowings outstanding on the revolving credit facility under its amended credit agreement, if any, and the remainder for general corporate purposes. The Company will not receive any proceeds from the sale of shares by the selling stockholders.

The offering and sale of all the shares will be made under the Company's currently effective registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.

Contact Information

  • Contact:
    Mary Pat Thompson
    Vice President and Chief Financial Officer
    (208) 955-8930
    Email Contact