Alpharetta, Georgia, USA, 11 November 2009 -- /PRNewswire/ -- Schweitzer-Mauduit International, Inc. (NYSE: SWM - News) today announced the pricing of an underwritten offering of 1.8 million shares of its common stock, at an offering price of USD 60.00 per share. The company has granted the underwriters a 30-day option to purchase up to an additional 270,000 shares. Goldman, Sachs & Co. is serving as the sole book-running manager for the offering. Co-managers for the offering include SunTrust Robinson Humphrey Inc., Davenport & Company LLC and Oppenheimer & Co. Inc. The offering is expected to close on 17 November 2009, subject to customary closing conditions.
The company intends to use the net proceeds from the offering for general corporate purposes, including the company's planned funding of the construction and working capital needs of a new reconstituted tobacco leaf (RTL) facility in the Philippines and a potential equity contribution for an RTL joint venture in China. Pending such use, the company intends to reduce outstanding balances under its current revolving credit facility with the net proceeds from the offering.
The shares will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. A preliminary prospectus supplement related to the offering has been filed with the Securities and Exchange Commission and is available on the SEC's Web site, http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus related to this offering may be obtained from Goldman, Sachs & Co. via telephone: (917) 343-8000; facsimile: (212) 902-9316; email: email@example.com; or standard mail at Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004.
Schweitzer-Mauduit International, Inc. is a diversified producer of premium specialty papers. It also manufactures specialty papers for other applications. Schweitzer-Mauduit and its subsidiaries conduct business in more than 90 countries and employ 2900 people worldwide, with operations in the United States, France, Brazil, the Philippines, Indonesia, Canada, and a joint venture in China.