By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Fossil Group, Inc. priced an upsized $140 million of 7% $25-par senior notes due 2026, according to a news release.
The company had initially targeted a deal size of $125 million.
The underwriters have a 30-day option to purchase up to an additional $10 million of notes.
The notes may be called at $25.50 apiece beginning Nov. 30, 2023 and up to Nov. 30, 2024. Beginning on Nov. 30, 2024 and up to Nov. 30, 2025, the notes may be called at $25.25 apiece. Beginning Nov. 30, 2025 and up to maturity, the notes may be called at par.
The bookrunners are B. Riley FBR, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. InspereX is the lead manager.
Proceeds will be used to repay borrowings under the company’s term credit agreement due Sept. 26, 2024.
The company has applied to list the notes on Nasdaq under the symbol “FOSLL.”
Fossil is a fashion accessories designer and marketer based in Richardson, Tex.
| Issuer: | Fossil Group, Inc.
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| Issue: | $25-par senior notes
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| Amount: | $140 million
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| Greenshoe: | $10 million
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| Maturity: | 2026
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| Bookrunners: | B. Riley FBR, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc.
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| Lead manager: | InspereX LLC
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| Co-managers: | Aegis Capital Corp., Alexander Capital LP, Brownstone Investment Group, LLC, Colliers Securities LLC, Huntington Securities, Inc., Revere Securities LLC and Wedbush Securities Inc.
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| Coupon: | 7%
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| Call option: | At $25.50 apiece beginning Nov. 30, 2023 and up to Nov. 30, 2024; at $25.25 apiece from Nov. 30, 2024 to Nov. 30, 2025; thereafter at par
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| Pricing date: | Nov. 3
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| Settlement date: | Nov. 8
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| Symbol: | Nasdaq: “FOSLL”
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