Company Completes IPO and Debt Re-PricingSubsequent to the close of the fiscal year, on April 22, 2013, Fairway completed an initial public offering ("IPO") of approximately 15.7 million shares of common stock, including 2.3 million shares sold by existing selling stockholders (of which approximately 2.0 million shares were sold pursuant to the underwriters' exercise of their over-allotment option). The IPO was priced at $13, above the initial range of $10 to $12. The Company's net proceeds from this offering were approximately $158.8 million. The Company used approximately $76.8 million to pay dividends, $9.2 million to terminate a management agreement and approximately $8.1 million to pay contractual bonuses. The remaining approximately $64.7 million is intended for new store growth and general corporate purposes.
Fairway Group Holdings Corp. Reports Fourth Quarter And Full Year Fiscal 2013 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts