Dress Barn greenshoe exercised, raising convertibles to $115 million

By Caroline Salls

Pittsburgh, Dec. 15 - The Dress Barn Inc. said the underwriters of its recent offering of 2.5% convertible senior notes due 2024 exercised the $15 million over-allotment option in full, raising the size of the deal to $115 million.

The Suffern, N.Y.-based retailer originally priced $100 million of the securities after the close on Dec. 8 to yield 2.5% with a 30% initial conversion premium.

Banc of America Securities LLC and JPMorgan Securities Inc. were the bookrunners for the Rule 144A deal.

Dress Barn intends to use the net proceeds of the offering to finance a part of the cost of its previously announced pending acquisition of Maurices Inc. If that acquisition is not completed, Dress Barn may use the net proceeds for general corporate purposes.

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