Home / Knowledge / News / Apparel/Garments / dELiA*s completes private placement of convertible notes
dELiA*s completes private placement of convertible notes
01
Aug '13
dELiA*s, Inc. , a multi-channel retail company primarily marketing to teenage girls, announced that it has closed on its recently announced financing transactions with gross proceeds of $37.6 million.

The transactions included a public offering of 15,025,270 shares of its common stock at $1.05 per share, resulting in gross proceeds of $15.8 million, and a sale of $21.8 million in principal amount of 7.25% convertible notes in a private placement. The notes will automatically convert into approximately 20.7 million shares of dELiA*s common stock upon stockholder approval.

The Company intends to use the net proceeds, after transaction expenses, for working capital and general corporate purposes, including the repayment of a portion of the outstanding amounts under their existing revolving credit agreement with Salus Capital Partners, LLC. The Company cannot use the proceeds from the sale of the notes until receiving stockholder approval.

Tracy Gardner, Chief Executive Officer, commented, “These transactions provide us with a significantly improved capital structure, affording us additional runway to execute on our vision. We are excited to have built a highly talented leadership team. We are working hard to rejuvenate the business to realize our long term growth potential for the dELiA*s brand.”

Janney Montgomery Scott LLC acted as the sole book-running manager and sole placement agent for the public offering and private placement transactions, respectively.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and declared effective on September 7, 2012.

About dELiA*s, Inc.

dELiA*s, Inc. is a multi-channel retail company primarily marketing to teenage girls. It generates revenue by selling apparel, accessories and footwear to consumers through its website, direct mail catalogs, and mall-based retail stores.

dELiA

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search