BATON ROUGE, La.–(BUSINESS WIRE)–April 21, 2005–The Shaw Group
Inc. (NYSE:SGR) today announced that it has completed the sale of
12.85 million shares of common stock at a public offering price of
$19.50 per share for net proceeds of approximately $238.7 million. In
addition, the underwriters have exercised their overallotment option
to purchase an additional approximately 1.2 million shares at the
public offering price. We expect the closing of the sale of the
overallotment option shares to occur on or about April 22, 2005. Net
proceeds from the sale of those shares will be approximately $22.6
million, bringing the total net proceeds of the offering to
approximately $261.3 million. Shaw intends to use the total net
proceeds of this offering together with cash on hand to repurchase its
outstanding 10 3/4 % Senior Notes Due 2010. As a result of the equity
offering including the exercise of the overallotment option, the
Company will have approximately 78.8 million shares outstanding.
Credit Suisse First Boston, UBS Investment Bank and Merrill Lynch
& Co. served as joint book-running managers for the offering. A
prospectus supplement relating to the offering may be obtained from
the offices of Credit Suisse First Boston, 11 Madison Avenue, New
York, NY 10010; UBS Investment Bank, Prospectus Department, 299 Park
Avenue, New York, NY 10171; and Merrill Lynch & Co., Prospectus
Department, Four World Financial Center, New York, NY 10080.
The common stock was sold pursuant to the Company’s universal
shelf registration statement. This news release does not constitute an
offer to sell or the solicitation of an offer to buy the common stock
described herein, nor shall there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement.
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation and facilities management
services for energy, chemicals, environmental, infrastructure and
emergency response markets. With over $3 billion in annual revenues,
Shaw is headquartered in Baton Rouge, Louisiana, and employs
approximately 19,500 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
www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. 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 website under the heading “Forward-Looking Statements”.
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 website at www.shawgrp.com.
CONTACT: The Shaw Group Inc., Baton Rouge
Chris D. Sammons, 225-932-2546
SOURCE: The Shaw Group Inc.