Deal to fund debt repayment; Roth Capital and Taglich assisted
By Devika Patel
Knoxville, Tenn., June 6 – BG Staffing, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $2.26 million greenshoe in part, lifting total proceeds of the offering to $16.68 million. The deal was announced May 26 and priced for $15.05 million with the greenshoe on May 27.
The company sold 1,191,246 common shares at $14.00 apiece. The price per share is a 14.43% discount to the May 26 closing share price of $16.36. Of the shares, 116,246 were part of the partially exercised greenshoe.
Roth Capital Partners and Taglich Brothers, Inc. were the bookrunners.
Proceeds will be used to repay debt under the company’s senior subordinated credit agreement with Patriot Capital III SBIC, LP and Patriot Capital III, LP and to reduce debt under its revolving credit facility with Texas Capital Bank, NA.
The Plano, Texas, company provides temporary staffing services.
| Issuer: | BG Staffing, Inc.
|
| Issue: | Common shares
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| Amount: | $16,677,444, including $1,627,444 greenshoe of 116,246 shares
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| Shares: | 1,191,246
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| Price: | $14.00
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| Warrants: | No
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| Bookrunners: | Roth Capital Partners and Taglich Brothers
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| Announcement date: | May 26
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| Pricing date: | May 27
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| Settlement date: | June 6
|
| Stock symbol: | NYSE: BGSF
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| Stock price: | $16.36 at close May 26
|
| Market capitalization: | $135.83 million
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