Express plans to apply IPO proceeds towards full facility repayment

By Jennifer Chiou

New York, May 12 - Express Inc. announced that the estimated $166.9 million of net proceeds from its upcoming initial public offering and cash on hand will be used for the repayment of all of the outstandings under wholly owned subsidiary Express Topco LLC's credit facility.

The company plans to issue 16 million shares at $17 apiece. There is also an over-allotment option for 2.4 million additional shares.

The Columbus, Ohio-based apparel retailer plans to put $15.3 million of cash on hand towards the repayment.

Any remaining proceeds will be used for general corporate purposes.

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