Kent-based Flow International Corp., a developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, has announced pricing of its public offering of 7,825,000 of its common shares at $2.10 per share.

Gross proceeds from the offering are expected to be approximately $16.4 million.
Flow intends to use the net proceeds from the offering for the repayment of debt under its credit facility and for general corporate purposes. It also announced an amendment to its existing $40 million, two-year revolving senior secured credit facility.

The revisions eliminate the covenant requiring Flow to maintain a trailing four quarter adjusted EBITDA level of $8 million and also increase the allowable total debt leverage ratio.