Rayovac (Madison, WI) announced that it has filed a prospectus with the Securities and Exchange Commission for a proposed underwritten public offering of 7.5 million shares of Rayovac’s common stock. Of the shares being offered, 3.5 million will be offered by Rayovac and four million will be offered by certain selling shareholders of Rayovac.
In connection with the underwritten offering, the selling shareholders will grant the underwriters an option to purchase up to 1,125,000 additional shares of common stock to cover over-allotments, if any. Rayovac will not receive any proceeds from the sale of these shares by the selling shareholders. Proceeds of the sale of the new shares by Rayovac will be used to reduce debt.