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J Crew Group closes its initial public offering

Jul '06
Specialty retailer J Crew Group Inc has announced the closing of its initial public offering of 21,620,000 shares of common stock. The number of shares issued includes 2,820,000 purchased by the underwriters to cover over-allotments.

The company intends to use a substantial portion of the net proceeds from the sale of the over-allotment shares to reduce borrowings under its new term loan, and any remaining net proceeds for general corporate purposes. The shares are listed on the New York Stock Exchange and trade under the symbol 'JCG'.

The company also announced that it has called for redemption all $92.8 million liquidation value of its Series A 14-1/2 percent Cumulative Preferred Stock and all $32.5 million liquidation value of its Series B 14-1/2 percent Cumulative Redeemable Preferred Stock at 100 percent of liquidation value. Payment of the redemption amounts and accumulated and unpaid dividends of $306.4 million will be made on July 13th 2006.

The company has issued notices describing the redemption procedures to holders of the Preferred Stock.

In addition, the company announced that TPG-MD Investment LLC, a company owned by Texas Pacific Group, the company's largest shareholder, and Millard Drexler, the CEO of the company and Chairman of its board of directors, converted the $23,629,000 million 5.0 percent Notes Payable due 2008 of the company's wholly-owned subsidiary J Crew Operating Corp into 6,729,186 shares of common stock ofthe company pursuant to a prior agreement.

J Crew Group Inc is a fully integrated multi-channel specialty retailer of women's and men's apparel and accessories. Its products are distributed through the company's 166 retail and 49 factory stores.

J Crew Group Inc

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