Dow Jones Newswires | Federal Signal Corp. said it priced 10.5 million follow-on common shares at $6.25 each, raising a total of $61.7 million.

The Oak Brook-based manufacturer of communication platforms for government and industrial applications said it expects to use the proceeds from the sale to repay debt under a revolving credit facility related to the recent acquisitions of Sirit and VESystems. Federal Signal closed Thursday at $6.15, down 4.8 percent.