WASHINGTON (AP) — Moog Inc. said it has completed the sale of 2,675,000 Class A common shares at a price of $29.50 each, raising net proceeds of $75 million.

The East Aurora, N.Y., company said it will use the proceeds to repay part of the debt it incurred to acquire the flight control actuation business of GE Aviation Systems. Moog Inc. makes precision control components and systems used in aircraft, satellites and space vehicles, missiles, medical equipment and industrial machinery.

The company's shares were down 97 cents, or 3.3 percent, at $28.07 in late afternoon Friday.