Perry Ellis International, Inc. (NASDAQ: PERY) (“the Company”)
announced that it has priced its previously announced offering of
2.0 million shares of its common stock at $28.00 per share. The
Company granted the underwriters a 30-day option to purchase up to
an additional 15% of the common stock sold to cover overallotments.
In addition, certain selling shareholders of the Company identified
in the prospectus supplement sold an additional 600,000 shares of
common stock in the public offering at $28.00 per share.
The Company also announced that it has priced $150 million of
its 7.875% senior subordinated notes due 2019 (the “Senior
Subordinated Notes”) at 100% of the aggregate principal amount
thereof.
The Company will use the net proceeds from the common stock
offering to repay a portion of the amounts outstanding under its
senior credit facility. The Company intends to use the net proceeds
from the Senior Subordinated Notes offering to redeem its currently
outstanding 8-7/8% senior subordinated notes due 2013 and to repay
a portion of the amounts outstanding under its senior credit
facility. Both offerings are subject to market and other
conditions. The Company will not receive any proceeds from sales by
the selling shareholders. The transactions will close on March 8,
2011. The closing of the Senior Subordinated Notes offering is
contingent on the closing of the common stock offering.
BofA Merrill Lynch and Deutsche Bank Securities are serving as
joint book-running managers for the common stock offering. BofA
Merrill Lynch and Deutsche Bank Securities are also serving as
joint book-running managers for the Senior Subordinated Notes
offering.
The offerings are being made pursuant to two effective shelf
registration statements previously filed with the U.S. Securities
& Exchange Commission (SEC). For each offering, a prospectus
supplement and accompanying prospectus describing the terms of the
offering will be filed with the SEC and available on its website at
http://www.sec.gov. Copies of the preliminary prospectus
supplements and the accompanying prospectus related to the common
stock and Senior Subordinated Notes offerings may be obtained from:
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080
(Attn: Prospectus Department; E-mail:
dg.prospectus_requests@baml.com) or Deutsche Bank Securities, Attn:
Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ
07311-3901 (E-mail: prospectusrequest@list.db.com).
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Perry Ellis International
Perry Ellis International, Inc. is a leading designer,
distributor and licensor of a broad line of high quality men's and
women's apparel, accessories and fragrances. The Company's
collection of dress and casual shirts, golf sportswear, sweaters,
dress pants, casual pants and shorts, jeans wear, active wear and
men's and women's swimwear is available through all major levels of
retail distribution. The Company, through its wholly owned
subsidiaries, owns a portfolio of nationally and internationally
recognized brands, including: Perry Ellis®, Jantzen®, Laundry by
Shelli Segal®, C&C California®, Cubavera®, Centro®, Solero®,
Munsingwear®, Savane®, Original Penguin® by Munsingwear®, Grand
Slam®, Natural Issue®, Pro Player®, Havanera Co.®, Axis®, Tricots
St. Raphael®, Gotcha®, Girl Star®, MCD®, John Henry®, Mondo di
Marco®, Redsand®, Manhattan®, Axist®, Farah® and Rafaella®. The
Company enhances its roster of brands by licensing trademarks from
third parties, including: Pierre Cardin® for men’s sportswear,
Nike® and Jag® for swimwear, and Callaway®, TOP-FLITE®, PGA TOUR®
and Champions Tour® for golf apparel.
Safe Harbor Statement
We caution readers that the forward-looking statements
(statements which are not historical facts) in this release are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations rather than historical
facts and they are indicated by words or phrases such as
"anticipate," “believe,” “budget,” “contemplate,” “continue,”
“could,” “estimate,” “expect,” “guidance,” “indicate,” “intend,”
"may," "might," “plan,” “possibly,” "potential," "predict,"
“probably,” “proforma,” “project,” “seek,” “should,” "target," or
"will" and similar words or phrases or comparable terminology. We
have based such forward-looking statements on our current
expectations, assumptions, estimates and projections. While we
believe these expectations, assumptions, estimates and projections
are reasonable, such forward-looking statements are only
predictions and involve known and unknown risks and uncertainties,
and other factors that may cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements, many of which are beyond our control.
These factors include: general economic conditions, a significant
decrease in business from or loss of any of our major customers or
programs, anticipated and unanticipated trends and conditions in
our industry, including the impact of recent or future retail and
wholesale consolidation, recent and future economic conditions,
including turmoil in the financial and credit markets, the
effectiveness of our planned advertising, marketing and promotional
campaigns, our ability to contain costs, disruptions in the supply
chain, our future capital needs and our ability to obtain
financing, our ability to protect our trademarks, our ability to
integrate acquired businesses, trademarks, trade names and
licenses, our ability to predict consumer preferences and changes
in fashion trends and consumer acceptance of both new designs and
newly introduced products, the termination or non-renewal of any
material license agreements to which we are a party, changes in the
costs of raw materials, labor and advertising, our ability to carry
out growth strategies including expansion in international and
direct to consumer retail markets, the level of consumer spending
for apparel and other merchandise, our ability to compete, exposure
to foreign currency risk and interest rate risk, possible
disruption in commercial activities due to terrorist activity and
armed conflict, and other factors set forth in Perry Ellis
International's filings with the Securities and Exchange
Commission. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks
and uncertainties detailed in Perry Ellis' filings with the SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which are valid only as of the date
they were made. We undertake no obligation to update or revise any
forward-looking statements to reflect new information or the
occurrence of unanticipated events or otherwise.
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