SOURCE: Northwest Pipe Company

October 10, 2006 17:21 ET

Northwest Pipe Company Announces Proposed Public Offering

PORTLAND, OR -- (MARKET WIRE) -- October 10, 2006 -- Northwest Pipe Company (NASDAQ: NWPX) today announced that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 1,700,000 shares of its common stock. The underwriters will have an option to purchase up to an additional 255,000 shares of common stock from Northwest Pipe solely to cover over-allotments, if any.

Northwest Pipe intends to use the net proceeds from the offering to purchase manufacturing equipment that it currently leases under certain operating leases and to repay a portion of the borrowings outstanding under its credit facility.

Jefferies & Company, Inc. is acting as the sole book-running manager of the offering, with D.A. Davidson & Co. acting as a co-manager.

When available, copies of the prospectus relating to the offering may be obtained from Jefferies & Company, Inc. at 520 Madison Avenue, New York, New York 10022.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. 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 securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Northwest Pipe Company manufactures welded steel pipe and other products in three business segments. Its Water Transmission Group is a leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of construction, agricultural, energy, industrial and mechanical applications. Its Fabricated Products Group manufactures propane tanks and other fabricated products. The Company is headquartered in Portland, Oregon and has nine manufacturing facilities across the United States and Mexico.

This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to various risks and uncertainties. These statements reflect management's current views and estimates of market circumstances, industry conditions and Company performance. Actual results could vary materially from the description contained herein due to many factors, including the risks described from time to time in the Company's reports to the Securities and Exchange Commission.

Contact Information

  • For more information, contact:
    Brian Dunham
    503-946-1200