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HOUSTON - Sterling Construction Co. completed the sale of 1.8 million shares of stock to raise $35 million, the infrastructure builder said Wednesday.
| STRL | 16.46 |  0.26 |
Sterling earlier this month unveiled a plan to sell 1.6 million shares at $20 per share in a sale managed by D.A. Davidson & Co. The sale granted the underwriter the option to buy an additional 240,000 shares at the same price, an option the underwriter exercised Monday, the company said. After underwriting discounts, Sterling received $19 per share.
The heavy civil construction company, which builds highways, light railroads and drainage systems in Texas and Nevada, said the options led to an additional $4.6 million in proceeds.
Proceeds will be used to pay off debt under a $75 million credit line.
After the sale, Sterling had about 13 million shares outstanding. Shares fell 38 cents to $22.61 in morning trading.
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