Mindspeed Technologies expects share offering to raise $18.3 million; priced at $7.25 each

Mindspeed expects offering to raise $18.3 million

NEWPORT BEACH, Calif. — Mindspeed Technologies Inc. said Thursday it has priced its offering of 2.52 million shares of common stock at $7.25 each.

The company, which makes processors for use in networking equipment, said it expects to raise $18.3 million before underwriting fees. The offer is expected to close on Tuesday.

The company said it will use the money for general corporate purposes, including capital spending and possibly refinancing debt.

Mindspeed shares rose 51 cents, or 7 percent, to $7.93 in afternoon trading. The company currently has about 29.1 million shares outstanding. The offering price represents a slight discount to the stock’s Wednesday closing price of $7.42.