DEBT AND EQUITIES Tile Shop Holdings Inc., Plymouth, a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories, said that certain of its stockholders have commenced an underwritten public offering of 4 million common shares. The selling stockholders will grant the underwriters for the offering a 30-day option to purchase up to an additional 600,000 common shares of common stock on the same terms and conditions to cover any over-allotments. The company will not sell any common shares in the proposed offering. Citigroup and Robert W. Baird & Co. Inc. will serve as joint book-running managers and representatives of the underwriters for the offering. Telsey Advisory Group, Wedbush Securities Inc., Houlihan Lokey Capital Inc. and Sidoti & Co. will serve as co-managing underwriters for the offering.
Ecolab Inc., St. Paul, said it has priced an underwritten public offering of $500 million of 1.45 percent senior notes due 2017. The offering is expected to close on Dec. 13, subject to customary closing conditions. Ecolab intends to use the net proceeds from the offering to finance a portion of the cash consideration to be paid in connection with its previously announced acquisition of Permian Mud Service Inc., the parent company of Champion Technologies and Corsicana Technologies. If the Champion merger is not consummated, Ecolab may use all or a portion of the net proceeds for general corporate purposes or, under certain circumstances, together with any additional funds, as necessary, to fund the special optional redemption of the notes.
PERSONNEL Land O'Lakes Inc., Arden Hills, said that Rod Schroeder, executive vice president and chief operating officer of crop protection products and Winfield Solutions, will retire, effective April 30. Mike Vande Logt will assume the role of executive vice president and chief operating officer in Winfield Solutions, effective Jan. 1. Vande Logt previously held the title of executive vice president and chief operating of Officer Seed, in Winfield Solutions. He will now assume leadership of a combined WinField Seed and Crop Protection business upon Schroeder's retirement.
C.H. Robinson Worldwide Inc., Eden Prairie, said that Michael W. Wickham, a member of the board of directors, will not stand for re-election at the company's next annual shareholders' meeting on May 9. Wickham, 65, has been a director of the company since 2004. He retired as chairman of the board of Roadway Corp. in December 2003, where he was chairman and chief executive officer from 1996 to 2003.
