In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1,500,000 shares of common stock from affiliates of Sun Capital Partners, Inc. (the “Selling Stockholders”). As a result, the total initial public offering size was 11,500,000 shares.
Vince received proceeds, net of underwriters’ discount and commissions and estimated offering expenses payable by Vince, of approximately $177 million from the offering.
Vince retained approximately $5.0 million of such net proceeds for general corporate purposes and used the remaining net proceeds, together with net borrowings under its new term loan facility to repay a promissory note (the “Kellwood Note Receivable’) issued to Kellwood Company in connection with the restructuring which occurred immediately prior to the consummation of the initial public offering.
Proceeds from the repayment of the Kellwood Note Receivable were used, to repay or discharge certain existing debt of Kellwood Company. Vince did not receive any proceeds from the sale of shares by the Selling Stockholders.
Jill Granoff, Chief Executive Officer of Vince, said, “Our entire team looks forward to this new and exciting chapter in the brand’s evolution. We intend to continue to build upon Vince’s reputation as a leader in contemporary fashion by capitalizing on our strong customer loyalty, growing our customer base and introducing new and compelling product assortments and categories.”
Concurrently with the closing of the initial public offering, Vince entered into a $175 million term loan, net borrowings from which were used to repay the Kellwood Note Receivable, and a $50 million revolving credit facility.
Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated acted as joint book-running managers of the offering, and Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated are the representatives of the underwriters. In addition, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint bookrunning managers in the offering.
Founded in 2002, Vince is a prominent contemporary fashion brand known for its modern effortless style and everyday luxury essentials. The company offers a broad range of women’s and men’s ready-to-wear including its signature cashmere sweaters, leather jackets, luxe leggings, dresses, silk and woven tops, denim and footwear. Vince is carried in over 2,100 stores across 43 countries and operates 21 full-price retail locations, 6 outlet stores and its e-commerce site.
Textiles | On 28th Oct 2016
Polartec, the premium provider of innovative textile solutions, has...
Textiles | On 27th Oct 2016
Teijin Frontier Co. Ltd, fibre products converting company and part...
‘In future, clothing boundary lines will become increasingly blurred.’
'Hugo Boss works with carefully selected sourcing partners'
‘RT3 motto is: Do not check millimetres, check colours.’
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
About one in every 20 patients picks up an infection while hospitalised....
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
Silvia Venturini Fendi
"Yes, my confidence and positive attitude are my strengths and should be...
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...
Apparel/Garments | On 26th Oct 2016