DDi Raises $120 Million in Secondary Stock Offering

DDi Corp., an Anaheim circuit board maker that went public last April, said Wednesday that it raised $120 million in net proceeds from the sale of about 4.6 million shares in a secondary offering.

The company said in a press release that it will use the proceeds primarily to pay off debt securities issued by two of its subsidiaries. It will use remaining funds for general corporate purposes, possible acquisitions and other debt payments.

A total of 6 million shares were sold at $27.88 each through underwriters led by Credit Suisse First Boston Corp. Besides the company’s shares, existing stockholders sold nearly 1.4 million shares. The total amount raised was $167.3 million before expenses.

In its initial public offering, DDi sold 12 million shares at $14 each. Its stock closed Wednesday at $26.13 a share, down $1.81 a share in Nasdaq trading.