By Sheri Kasprzak
New York, June 7 - Bluefly, Inc. is wrapping up a $50 million stock offering with Quantum Industrial Partners LDC; SFM Domestic Investments, LLC; Maverick Fund USA, Ltd.; Maverick Fund, LDC; Maverick Fund II, Ltd.; and Prentice-Bluefly, LLC.
The investors agreed to buy 60,975,610 shares at $0.82 each, an 11% premium to the company's June 5 closing stock price of $0.74.
The placement is scheduled to close June 15.
At closing, Bluefly will pay Quantum and SFM all outstanding principal and interest on convertible notes. Of the proceeds, $25 million will be used to repay the notes.
The rest of the proceeds will be used for working capital.
Bluefly, based in New York, is an online clothing and accessories retailer.
| Issuer: | Bluefly, Inc.
|
| Issue: | Stock
|
| Amount: | $50 million
|
| Shares: | 60,975,610
|
| Price: | $0.82
|
| Warrants: | No
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| Investors: | Quantum Industrial Partners LDC; SFM Domestic Investments, LLC; Maverick Fund USA, Ltd.; Maverick Fund, LDC; Maverick Fund II, Ltd.; and Prentice-Bluefly, LLC
|
| Announcement date: | June 7
|
| Settlement date: | June 15
|
| Stock symbol: | Nasdaq: BFLY
|
| Stock price: | $1.02 at close June 7
|
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