By Sheri Kasprzak
New York, July 26 - Sport Supply Group, Inc. is gearing up to wrap an $18.3 million private placement of stock.
Andell Holdings, LLC agreed to buy 1.83 million shares of Sport Supply at $10.00 each. The share price is only a slight premium to the company's $9.98 closing stock price on Wednesday.
The deal is expected to close within the next few days, according to a statement released by Sport Supply on Thursday.
Connected to the offering, Andell will be allowed to nominate a designee to Sport Supply's board of directors.
Proceeds from the offering will be used for bank debt repayment.
Dallas-based Sport Supply manufactures and distributes sporting goods and team uniforms.
| Issuer: | Sport Supply Group, Inc.
|
| Issue: | Stock
|
| Amount: | $18.3 million
|
| Shares: | 1.83 million
|
| Price: | $10.00
|
| Warrants: | No
|
| Investor: | Andell Holdings, LLC
|
| Announcement date: | July 26
|
| Stock symbol: | Amex: RBI
|
| Stock price: | $9.98 at close July 25
|
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