Nucor Corp. plans to raise roughly $3 billion by selling stocks and bonds to raise money to buy other companies and pay off debt, the steel company said Monday.
Nucor plans to sell 25 million shares around May 29, the company said. At the current price, the 25 million shares would sell for more than $2 billion. The stock sold would represent a stake of about 8 percent of the company.
Bank of America Securities, Citigroup and J.P. Morgan, which are running the sale, will be granted options to buy up to 3.8 million additional shares.
Nucor also said it plans to sell $1 billion in bonds in the near future, depending on market conditions.