BRISTOL, Conn.--(BUSINESS WIRE)--May 22, 2003--Barnes Group Inc.
(NYSE: B) today announced the pricing of its public offering of
2,823,506 shares of its common stock at $19.00 per share. The
offering, which includes 823,506 shares to be sold by an existing
shareholder, GC-Sun Holdings II, L.P., is expected to close on May 28,
In addition, the Company granted to the underwriters of the public
offering an option to purchase up to 423,525 additional shares to
Net proceeds to Barnes Group of approximately $35.5 million will
be used to pay down existing indebtedness. Barnes Group will not
receive any of the proceeds from the sale of the shares owned by
Banc of America Securities LLC is serving as book-running manager
of the offering. Co-managers of the offering are McDonald Investments
Inc., Robert W. Baird & Co. and BB&T Capital Markets.
The offering of these securities may be made only by means of a
prospectus and the related prospectus supplement. When available,
copies of such documents may be obtained from the book-running manager
at the following address: Banc of America Securities LLC, Prospectus
Department, 100 West 33rd Street, New York, NY 10001.
Barnes Group Inc. (www.barnesgroupinc.com) is a diversified
international manufacturer of precision metal components and
distributor of industrial supplies, serving a wide range of markets
and customers. Barnes Group consists of three businesses: Associated
Spring, one of the world's largest manufacturers of precision
mechanical and nitrogen gas springs; Barnes Aerospace, a manufacturer
and repairer of highly engineered assemblies and products for
commercial and military aircraft engines, airframes, and land-based
industrial gas turbines; and Barnes Distribution, an international,
full-service distributor of maintenance, repair and operating
CONTACT: Investor Relations
Barnes Group Inc.
Phillip J. Penn, 860/973-2126
Barnes Group Inc.
Stephen J. McKelvey, 860/973-2132
SOURCE: Barnes Group Inc.