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Regal-Beloit Corporation, Beloit, WI, intends to offer 3 million primary shares of common stock in a firm commitment underwritten public offering pursuant to a registration statement to be filed with the Securities and Exchange Commission. The company intends to use the net proceeds from the offering to pay down debt under its existing credit facility.
The company currently anticipates that the proposed stock offering will occur during the late first quarter or early second quarter of 2002.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.