01:21 PM EST, 03/06/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Albemarle (ALB) shares rose more than 8% in recent Wednesday trading after the company priced its underwritten public offering of 40 million depositary shares at $50 apiece, upsized from $1.75 billion previously.

Each depositary share represents a 1/20th interest in a share of Series A mandatory convertible preferred stock of Albemarle.

The company said it has granted its underwriters a 30-day option to buy up to an additional 6 million depositary shares. The offering is slated to close Friday.

The net proceeds will be roughly $1.94 billion and will be used for general corporate purposes, including for growth capital expenditures and repaying outstanding commercial paper, Albemarle said.

Price: 118.79, Change: +9.39, Percent Change: +8.59