Burlington Stores Sets IPO Price
BURLINGTON, N.J.-Burlington Coat Factory, which is now identifying itself in press statements and regulatory filings as Burlington Stores Inc., has priced its initial public offering at $17 a share.
The retail company is offering 13,333,333 shares of its common stock, and is granting the offering's underwriters a 30-day option to purchase an additional 2 million shares. The stock will be listed on the New York Stock Exchange beginning today and will trade under the symbol "BURL." The offering is expected to close on Oct. 7.
A Burlington statement said the company expects to receive about $205 million in proceeds from the IPO, after underwriters' discounts, commissions and estimated offering expenses. It intends to use the proceeds, along with cash on hand, to redeem outstanding debt, the statement said.