KEYW Holding Corp., a Hanover-based defense contractor, on Tuesday said it intends to sell 7.4 million shares at a public offering of $11.75 per share in an effort to raise money to pay down debt and to fund a recent corporate acquisition. The company raised its offering from last week, when it said it intended to sell 6.5 million shares.
The publicly traded company, which counts the National Security Agency and other Department of Defense agencies as customers, said this month it intended to acquire Poole & Associates Inc., of Annapolis Junction, for $126 million in cash and stock. The company has a credit facility with Bank of America on which it owes $52 million. The public offering is expected to close Friday.
Shares of KEYW closed Tuesday at $12.16, down 14 cents from the previous day.