G-III Apparel Group, Ltd. (NASDAQ:GIII) today announced that it is offering to sell 1,500,000 shares of its common stock in an underwritten public offering. The underwriters will have a 30-day option to purchase up to an additional 225,000 shares of common stock from G-III.
G-III intends to use the proceeds of the offering for general corporate purposes, which may include acquisitions. Pending application of the funds, G-III intends to pay down outstanding debt under its credit agreement and invest the balance of the net proceeds in short-term, investment grade securities.
Barclays Capital Inc. and Piper Jaffray & Co. are acting as bookrunning managers for the offering. Barclays Capital Inc. will serve as the sole representative of the underwriters for the offering. KeyBanc Capital Markets Inc., Brean Capital, LLC, Cowen and Company, LLC and Stephens Inc. will serve as co-managers for the offering.
The offering is being made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847 or emailing Barclaysprospectus@broadridge.com.A shelf registration relating to the common stock to be issued by G-III in the offering was filed with the Securities and Exchange Commission (“SEC”) and is effective. Copies of the registration statement and the preliminary prospectus supplement and accompanying prospectus can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.