NEW YORK--(BUSINESS WIRE)--
Vince Holding Corp., previously known as Apparel Holding Corp., today
announced that it has closed its previously reported initial public
offering of 10,000,000 shares of its common stock at a price of $20.00
per share. In connection with the initial public offering, the
underwriters exercised in full their option to purchase an additional
1,500,000 shares of common stock from affiliates of Sun Capital
Partners, Inc. (the “Selling Stockholders”). As a result, the total
initial public offering size was 11,500,000 shares. Vince Holding Corp.
is listed on the New York Stock Exchange under the ticker “VNCE.”
Vince received proceeds, net of underwriters’ discount and commissions
and estimated offering expenses payable by Vince, of approximately $177
million from the offering. Vince retained approximately $5.0 million of
such net proceeds for general corporate purposes and used the remaining
net proceeds, together with net borrowings under its new term loan
facility to repay a promissory note (the “Kellwood Note Receivable’)
issued to Kellwood Company in connection with the restructuring which
occurred immediately prior to the consummation of the initial public
offering. Proceeds from the repayment of the Kellwood Note Receivable
were used, to repay or discharge certain existing debt of Kellwood
Company. Vince did not receive any proceeds from the sale of shares by
the Selling Stockholders.
Jill Granoff, Chief Executive Officer of Vince, said, “Our entire team
looks forward to this new and exciting chapter in the brand’s evolution.
We intend to continue to build upon Vince’s reputation as a leader in
contemporary fashion by capitalizing on our strong customer loyalty,
growing our customer base and introducing new and compelling product
assortments and categories.”
Concurrently with the closing of the initial public offering, Vince
entered into a $175 million term loan, net borrowings from which were
used to repay the Kellwood Note Receivable, and a $50 million revolving
credit facility.
Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated acted as
joint book-running managers of the offering, and Goldman, Sachs & Co.
and Robert W. Baird & Co. Incorporated are the representatives of the
underwriters. In addition, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Barclays Capital Inc., J.P. Morgan Securities LLC and
Wells Fargo Securities, LLC acted as joint bookrunning managers in the
offering.
The offering of common stock was made only by means of a final
prospectus. Copies of the final prospectus related to the offering may
be obtained from Goldman, Sachs & Co., Prospectus Department, 200 West
Street, New York, NY, 10282, by calling (866) 471-2526, or by e-mailing prospectus-ny@ny.email.gs.com,
or Robert W. Baird & Co. Incorporated at 777 East Wisconsin Avenue,
Milwaukee, Wisconsin 53202, Attention: Syndicate Department, telephone:
(800) 792-2473 or email: syndicate@rwbaird.com.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on November 21,
2013. The registration statement can be accessed through the
Commission’s website at www.sec.gov.
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 shall 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 VINCE
Founded in 2002, Vince is a prominent contemporary fashion brand known
for its modern effortless style and everyday luxury essentials. The
company offers a broad range of women’s and men’s ready-to-wear
including its signature cashmere sweaters, leather jackets, luxe
leggings, dresses, silk and woven tops, denim and footwear. Vince is
carried in over 2,100 stores across 43 countries and operates 21
full-price retail locations, 6 outlet stores and its e-commerce site,
Vince.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, which are
subject to substantial risks, uncertainties and assumptions. You should
not place reliance on these statements. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts or present facts or
conditions, such as statements regarding our future financial condition
or results of operations, our prospects and strategies for future
growth, the introduction of new merchandise, and the implementation of
our marketing and branding strategies. In many cases, you can identify
forward-looking statements by terms such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential” or the negative of these terms or other comparable
terminology. All such statements speak only as of the date made, and we
undertake no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Source: Vince Holding Corp.