Bookrunner Roth, co-managers Brean Capital, National Securities assist
By Devika Patel
Knoxville, Tenn., March 26 - American Apparel, Inc. said it priced a $30.5 million public offering of stock with a $4.58 million greenshoe. The offering was announced Tuesday.
The company will sell 61 million common shares at $0.50 per share. The price per share reflects a 15.25% discount to the March 25 closing share price of $0.59.
Roth Capital Partners is the bookrunning manager.
Settlement is expected March 31.
Proceeds will be used for working capital and general corporate purposes, including the April cash interest payment on the company's senior secured notes.
American Apparel is a Los Angeles-based manufacturer, distributor and retailer of branded fashion basic apparel.
| Issuer: | American Apparel, Inc.
|
| Issue: | Common stock
|
| Amount: | $30.5 million
|
| Greenshoe: | $4,575,000
|
| Shares: | 61 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Bookrunner: | Roth Capital Partners
|
| Co-managers: | Brean Capital and National Securities Corp.
|
| Announcement date: | March 25
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Stock symbol: | NYSE: APP
|
| Stock price: | $0.59 at close March 25
|
| Market capitalization: | $55.22 million
|
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