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Zale to Offer 11M Shares
Oct 3, 2013 9:11 AM
By Deena Taylor
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RAPAPORT... Zale Corporation registered an offering of almost 11.1 million shares on behalf of private equity firm Golden Gate Capital to sell some or all of its stake in the jeweler. Zale secured a $150 million loan from Golden Gate Capital in 2010 as it faced a liquidity emergency and the deal also enabled the lender to exercise warrants which cover more than 11 million shares.
Zale's shares were set to open in New York at $14.89 per share, or 5 percent lower than yesterday's closing price; however, the stock is up 118 percent year on year. In the most recent quarter that ended on July 31, Zale narrowed its loss to $7.98 million from $19.75 million and revenue improved 2.5 percent year on year to $417.1 million.
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Tags:
Deena Taylor, Jewelry, NYSE, shares, Z Investment, Zale Corporation
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