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Shoe Pavilion declares pricing of secondary public offering
25 Mar '06
2 min read
Leading footwear retailer Shoe Pavilion Inc announced the pricing of an underwritten secondary public offering of 3,000,000 shares of its common stock at a price of $7.20, which represents the closing price of its common stock on March 23, 2006.
The offering consists of 2,000,000 shares being sold by the Company and 1,000,000 shares being sold by a selling stockholder. The selling stockholder has granted the underwriters an option to purchase up to an additional 450,000 shares on the same terms and conditions to cover any over-allotments.
The Company intends to use the net proceeds from this offering to open new stores and for working capital. Pending application of the proceeds, the Company intends to pay down the balance on its revolving credit facility and invest any remaining amounts in short-term investments.
Wedbush Morgan Securities Inc is serving as lead manager and book-runner for the offering, with Roth Capital Partners serving as co-managing underwriter.
This offering of the shares of common stock may be made only by means of the prospectus. Printed copies of the prospectus may be obtained from Wedbush Morgan Securities at 1000 Wilshire Blvd., 9th Floor, Los Angeles, CA 90017, telephone 213-688-8050.
Shoe Pavilion is an independent off-price branded footwear retailer in the Western United States. It offers a broad selection of women's, men's and children's designer label and branded footwear, typically at 20% to 60% below department store regular prices. The Company has 94 stores in California, Washington, Oregon, Arizona, Nevada and Texas.
The offering consists of 2,000,000 shares being sold by the Company and 1,000,000 shares being sold by a selling stockholder. The selling stockholder has granted the underwriters an option to purchase up to an additional 450,000 shares on the same terms and conditions to cover any over-allotments.
The Company intends to use the net proceeds from this offering to open new stores and for working capital. Pending application of the proceeds, the Company intends to pay down the balance on its revolving credit facility and invest any remaining amounts in short-term investments.
Wedbush Morgan Securities Inc is serving as lead manager and book-runner for the offering, with Roth Capital Partners serving as co-managing underwriter.
This offering of the shares of common stock may be made only by means of the prospectus. Printed copies of the prospectus may be obtained from Wedbush Morgan Securities at 1000 Wilshire Blvd., 9th Floor, Los Angeles, CA 90017, telephone 213-688-8050.
Shoe Pavilion is an independent off-price branded footwear retailer in the Western United States. It offers a broad selection of women's, men's and children's designer label and branded footwear, typically at 20% to 60% below department store regular prices. The Company has 94 stores in California, Washington, Oregon, Arizona, Nevada and Texas.
Shoe Pavilion Inc
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