PASADENA, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- General Finance Corporation (Nasdaq:GFN), the parent company of businesses in the mobile storage, modular space and liquid containment industries (the "Company"), announced today that it has priced a public offering of 350,000 shares of its 9.00% Series C Cumulative Redeemable Perpetual Preferred Stock (the "Series C Preferred Stock"), liquidation preference $100.00 per share, for gross proceeds of approximately $35 million, before deducting the underwriting discount and other estimated offering costs. The offering is subject to customary closing conditions and is expected to close on or about May 17, 2013. The Company expects to list the shares on the NASDAQ Global Select Market under the symbol "GFNCP" and the shares to commence trading within 30 days of the original issue date.
In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 50,000 shares of the Series C Preferred Stock to cover overallotments, if any.
The Company expects to use the net proceeds of this offering to pay down senior indebtedness and for general corporate purposes, which would include the acquisition of businesses and lease fleet and the redemption of Series A Preferred Stock.Sterne, Agee & Leach, Inc. and D.A. Davidson & Co. are acting as joint book-running managers for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, is acting as the lead manager for the offering. B. Riley & Co., LLC, Maxim Group LLC, and Northland Capital Markets are serving as co-managers for the offering. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission (SEC). These securities may not be sold in any 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 solely by means of a written prospectus forming a part of the registration statement, copies of which may be obtained when available by contacting:
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