BATON ROUGE, La.--(BUSINESS WIRE)--Oct. 29, 2003--The Shaw Group
Inc. (NYSE:SGR) today announced that it has completed the sale of
23,000,000 shares of common stock at a public offering price of $10.00
per share. This amount includes the exercise of the underwriters'
option to purchase an additional 3,000,000 shares.
Net proceeds from the common stock offering were approximately
$218 million. Shaw intends to use the net proceeds of this offering
together with cash on hand to repurchase all of its outstanding Liquid
Yield Option(TM) Notes due 2021 (Zero Coupon - Senior) ("LYONs"). As a
result of the equity offering and the exercise of the option to
purchase additional common stock, the Company has approximately 61
million shares outstanding.
Copies of the final prospectus relating to these securities may be
obtained from Credit Suisse First Boston LLC, Eleven Madison Avenue,
New York, NY, 10010-3629, or Merrill Lynch & Co., Prospectus
Department, Four World Financial Center, New York, NY 10080. Any
offering shall be made only by means of a final prospectus. This press
release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale 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
Except for historical information contained herein, the matters
discussed in this press release are forward-looking statements that
involve certain risks and uncertainties.
The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the power, process,
environmental infrastructure and homeland defense markets. The Company
is headquartered in Baton Rouge, Louisiana and employs approximately
14,800 people at its offices and operations in North America, South
America, Europe, the Middle East and the Asia-Pacific region. For
further information, please visit the Company's website at
The statements contained herein that are not historical facts
(including without limitation statements to the effect that the
Company or its management "believes," "expects," "anticipates,"
"plans," or other similar expressions) and statements related to
revenues, earnings, backlog, or other financial information or results
are forward-looking statements based on the Company's current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting the Company will be those anticipated by
the Company. These forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions and are subject to change based upon various factors.
Should one or more of such risks or uncertainties materialize, or
should any of our assumptions prove incorrect, actual results may vary
in material respects from those projected in the forward-looking
statements. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. A description of some of the
risks and uncertainties that could cause actual results to differ
materially from such forward-looking statements can be found in the
Company's reports and registration statements filed with the
Securities and Exchange Commission, including its Form 10-K and Form
10-Q, reports and on the Company's web-site under the heading "Forward
Looking Statement". These documents are also available from the
Securities and Exchange Commission or from the Investor Relations
department of Shaw. For more information on the company and
announcements it makes from time to time on a regional basis visit our
web site at www.shawgrp.com.
CONTACT: Shaw Group Inc., Baton Rouge
Laurie LaChiusa, 225-932-2500
SOURCE: Shaw Group Inc.