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J.Crew registers statement for IPO of common stock

18
Aug '05
Apparel & shoes retailer J.Crew Group announced it has filed a registration statement on Form S-1 with the US Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The shares of common stock to be sold in the offering are expected to be offered by the Company.

The shares will be offered by a group of underwriters led by Goldman, Sachs & Co and Bear, Stearns & Co Inc.

The Company expects to use the net proceeds of the offering, along with the proceeds of a sale of $73.5 million of its common stock to Texas Pacific Group, its majority shareholder, and borrowings under a new term loan that the Company expects to enter into, to redeem its outstanding cumulative preferred stock and some of its outstanding debt and to pay related costs.

The sale of common stock to Texas Pacific Group is contingent upon the completion of the initial public offering and the redemption of the Companion preferred stock. The common stock to be sold to Texas Pacific Group will not be registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

A registration statement relating to the proposed initial public offering of common stock has been filed with the Securities and Exchange Commission but has not yet become effective.

These securities may not be sold nor may offers to buy be accepted priorto the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


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