NEW YORK -- Donnkenny Inc. has filed for a secondary offering of 2.2 million shares, of which 1.6 million will be sold by Merrill Lynch Interfunding Inc.
Donnkenny itself will sell 600,000 shares in the offering. At a current market price of 23, proceeds to the company will reach $13.8 million, which will be used to repay debt.
Merrill Lynch is selling its entire 25.9 percent stake in the company and it will net $36.8 million before underwriting expenses from the offering. Merrill Lynch sold 775,399 shares in Donnkenny's initial public offering in June 1993 to raise $10 million. Merrill Lynch funded Donnkenny's management-led buyout in August 1989, acquiring a 70 percent stake for $2.1 million.
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