Five Below to pay down some term loans with $150 million IPO proceeds

By Susanna Moon

Chicago, April 18 - Five Below, Inc. plans to pay down debt under its new senior secured term loan facility with proceeds from a $150 million initial public offering of stock, according to an S-1 filing with the Securities and Exchange Commission.

The term loan facility was incurred this year to pay a special dividend for its outstanding common stock and series A 8% convertible preferred stock, the filing noted.

The company amended and restated its existing senior secured revolving credit facility with Wells Fargo Bank, NA.

Proceeds from the IPO also will be used for general corporate purposes, including working capital and capital expenditures.

The underwriters for the offering are Goldman, Sachs & Co., Barclays Capital Inc., Jefferies & Co., Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Securities LLC and Wells Fargo Securities, LLC.

Five Below is a specialty value retailer based in Philadelphia offering merchandise targeted at the aspirational teen and pre-teen customer.

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