NEW YORK (TheStreet) -- Shares of Del Taco Restaurants (TACO) - Get Report are jumping by 5.06% to $12.88 in mid-morning trading on Tuesday, after the food service company announced the pricing of its secondary offering of common stock.
The Lake Forest, CA-based company is offering over three million shares of its common stock at a price of $12 per share. The stock is held by entities affiliated with Goldman Sachs Mezzanine Partners, Leonard Green & Partners and Charlesbank Capital Partners.
Del Taco is not selling any shares and will receive no proceeds from the offering, which is expected to close on October 30. Underwriters will be granted a 30-day option to acquire up to an additional 505,802 shares of common stock.
Del Taco is a restaurant chain offering both Mexican inspired and American classic dishes. The company's menu includes tacos, burritos, quesadillas and nachos as well as American favorites such as hamburgers, crinkle-cut fries and shakes.