SPARTANBURG, S.C., Sept. 30, 2013 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL) today announced the closing of an underwritten public offering of 2,000,000 shares of its common stock at a price of $15.75 per share. The underwriters also exercised their option to purchase and close upon an additional 300,000 shares of common stock from Synalloy at the public offering price (less the underwriting discount). Synalloy received net proceeds, after underwriting discounts and estimated expenses, of approximately $34.2 million. We intend to use the net proceeds from the offering to invest approximately $3.5 million in new equipment for our CRI Tolling facility, to invest approximately $2.0 million in new equipment for our fabrication facilities, to pay off the senior indebtedness outstanding under a line of credit that we have through a loan agreement, and for general corporate purposes. Sterne, Agee & Leach, Inc. and BB&T Capital Markets acted as joint book-running managers for the offering. Copies of the prospectus supplement and related base prospectus for the offering may be obtained on the website of the Securities and Exchange Commission, http://www.sec.gov , or from Sterne, Agee & Leach, Inc., Prospectus Department, 277 Park Avenue, 24th Floor, New York, NY 10172, phone: 212-338-4708, fax: 205-414-6373, email: email@example.com. The common stock was issued pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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 state or jurisdiction. This offering may only be made by means of a prospectus supplement and related base prospectus.