Lufkin Industries Inc. - 2012-03-01

Priced its public offering of 2,500,000 shares of common stock at $79.25 per share. The Company will receive net proceeds after offering expenses of approximately $188.9 million. The Company intends to use the net proceeds of the offering to pay debt. Fifty percent of any remaining proceeds will be used to repay a portion of the borrowings outstanding under its term loan and fifty percent will be used for general corporate purposes. Barclays Capital and J.P. Morgan acted as joint book-running managers for the offering. BofA Merrill Lynch and Wells Fargo Securities acted as senior co-managers.