Deal funds prepayment of credit facility, general corporate purposes
By Devika Patel
Knoxville, Tenn., May 17 - Ignite Restaurant Group, Inc. said it completed its $90.13 million initial public offering of stock on Wednesday. The deal priced for $78.02 million with a $12.12 million greenshoe on May 14.
The company sold 6,438,087 common shares at $14.00 apiece. Of the shares, 865,384 were part of the fully exercised greenshoe. The price per share is an 18.27% discount to the May 11 closing share price, $17.13.
Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Inc. and Piper Jaffray & Co. were the joint bookrunning managers, and KeyBanc Capital Markets Inc., Lazard Capital Markets LLC and Raymond James & Associates, Inc. were the co-managers.
Proceeds will be used to prepay a portion of the company's senior secured credit facility, to pay a termination fee to J.H. Whitney in connection with a management agreement and for other general corporate purposes.
Ignite is a Houston-based restaurant franchise.
| Issuer: | Ignite Restaurant Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $90,133,218 (including $12,115,376 greenshoe exercise)
|
| Shares: | 6,438,087
|
| Price: | $14.00
|
| Warrants: | No
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Robert W. Baird & Co. Inc. and Piper Jaffray & Co.
|
| Co-managers: | KeyBanc Capital Markets Inc., Lazard Capital Markets LLC and Raymond James & Associates, Inc.
|
| Pricing date: | May 14
|
| Settlement date: | May 16
|
| Stock exchange: | Nasdaq: IRG
|
| Stock price: | $17.13 at close May 11
|
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