Portillo’s Inc. Announces Launch of Proposed Public Follow-on Offering of Common Stock in “Synthetic Secondary” Transaction
August 08 2022 - 4:30PM
Portillo’s Inc. (“Portillo’s”) (Nasdaq: PTLO), the fast-casual
restaurant concept known for its menu of Chicago-style favorites,
today announced that it will commence an underwritten public
offering of 8,000,000 shares of its Class A common stock. In
connection with the offering, Portillo’s intends to grant the
underwriters a 30-day option to purchase up to 1,200,000 additional
shares of its Class A common stock. The proposed offering is
subject to market and other conditions, and there can be no
assurances as to whether or when the proposed offering may be
completed, or as to the actual size, price range or terms of the
proposed offering.
Portillo’s expects to use the net proceeds from
the proposed offering to (a) purchase LLC Units of PHD Group
Holdings LLC held by existing holders, and (b) purchase shares of
Class A common stock from certain existing holders, each in a
“synthetic secondary” transaction. As a result, Portillo’s will not
receive any proceeds from this offering.
Jefferies and Morgan Stanley are acting as lead
joint book-running managers and representatives for the proposed
offering. BofA Securities and Piper Sandler are also acting as lead
book-running managers for the proposed offering.
The proposed offering is being made only by
means of a prospectus. A copy of the preliminary prospectus may be
obtained by visiting EDGAR on the SEC’s website at www.sec.gov.
Alternatively, copies of the final prospectus may be obtained from
Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520
Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388,
or by email at prospectus_department@jefferies.com; Morgan Stanley
& Co. LLC, Attn: Prospectus Department, 180 Varick Street, New
York, NY 10014; BofA Securities Inc., Attn: Prospectus Department,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, or by email at dg.prospectus_requests@bofa.com; or
Piper Sandler & Co., Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or
by email at prospectus@psc.com.
A registration statement relating to these
securities has been filed with the U.S. Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy these securities, 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
jurisdiction.
About Portillo’s In 1963, Dick
Portillo invested $1,100 into a small trailer to open the first
Portillo’s hot dog stand in Villa Park, IL, which he called “The
Dog House.” Since, Portillo’s has grown to include 71 restaurants
across nine states. Portillo’s is best known for its Chicago-style
hot dogs, Italian beef sandwiches, char-grilled burgers, fresh
salads and famous chocolate cake. Portillo’s Home Kitchen is the
company’s fast-growing catering business. Portillo’s also ships
food to all 50 states via its website.
Investor Contact:Barbara
NoveriniInvestors@portillos.com
Media Contact:ICR,
Inc.PortillosPR@icrinc.com
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