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G-III Apparel enters definitive deal for $15.2m private placement

13
Jul '06
G-III Apparel Group Ltd has entered into an agreement that will raise $15.2 million in new equity capital through the private placement of 1,500,000 shares of its common stock at a price of $10.11 per share to entities affiliated with Prentice Capital Management LP.

The funding of the purchase is expected to occur by the end of the day on July 13, 2006. The company intends to use the proceeds of the placement to repay a portion of the outstanding balance under its revolving credit agreement.

In addition, the company issued to the investors five-year warrants to purchase 375,000 shares of its common stock at a price of $11.00 per share. These warrants cannot be exercised for six months. In a separate transaction, these institutional investors purchased 500,000 shares of G-III common stock at a price of $9.25 per share from Aron Goldfarb, G-III's founder and former Co-Chairman.

Morris Goldfarb, G-III's Chief Executive Officer, said, "We are very pleased to have received the support of Prentice and believe that they share in our vision for the future of G-III. Never before in the history of our company have our prospects been so promising or so diverse.”

“We intend to push forward with the expansion of our business, not only in our core outerwear programs, but in sportswear, tailored clothing, dresses, and other categories of apparel. We are creating opportunities for our business in every season and intend to demonstrate our ability to drive excellent returns for our shareholders as we transform our company," he added.

G-III Apparel Group Ltd is a leading manufacturer and distributor of outerwear and sportswear under licensed labels, private labels and our own labels.

G-III Apparel Group Ltd


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