G-III Apparel Group, Ltd. announced the pricing of an underwritten public offering of 1.5 million shares of its common stock at a price to the public of $77.63 per share. G-III has granted the underwriters a 30-day option to purchase up to an additional 225,000 shares from G-III. The offering is expected to settle and close on June 30, 2014, subject to customary closing conditions.
The gross proceeds to G-III from this offering, after deducting underwriting discounts and other estimated offering expenses, are expected to be approximately $111.8 million. G-III expects to use the net proceeds of the offering for general corporate purposes, including, among other things, future acquisitions. Pending application of the funds, G-III intends to pay down outstanding debt under its credit agreement and invest the balance of the net proceeds in short-term, investment grade securities.
Barclays Capital Inc. and Piper Jaffray & Co. are acting as bookrunning managers for the offering. Barclays Capital Inc. will serve as the sole representative of the underwriters for the offering. KeyBanc Capital Markets Inc., Brean Capital, LLC, Cowen and Company, LLC and Stephens Inc. will serve as co-managers for the offering.
About G-III Apparel Group, Ltd.
G-III designs, manufactures and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women's suits and women's performance wear, as well as footwear, luggage and women's handbags, small leather goods and cold weather accessories. It sells its products under its own proprietary brands, licensed brands and private retail labels.