07:37 AM EST, 12/09/2024 (MT Newswires) -- Loar Holdings ( LOAR ) said Monday it has commenced a public offering of about 4.8 million of its common shares.

The company will offer roughly 3.2 million of its common shares, while certain stockholders will offer the remaining 1.6 million shares, Loar ( LOAR ) said, adding that it will not receive any proceeds from the sale of common shares offered by the selling stockholders.

The stockholders also anticipate providing a 30-day option to the underwriters to buy up to 712,500 additional common shares of Loar ( LOAR ).

Loar ( LOAR ) said it plans to use the net proceeds to repay its borrowings outstanding under its credit agreement and for general corporate purposes.

Shares of the company were down nearly 1% in recent Monday premarket activity.