G-III Apparel Group Ltd. plans to sell 1.5 million shares of its common stock in an underwritten public offering.
Shares of G-III closed at $80.37 Monday in Nasdaq trading. The apparel firm could net $120.6 million from the sale at the current closing price. After expenses in connection with the offering, the apparel firm said it intends to use the proceeds of the offering for general corporate purposes, which may include acquisitions. A portion of the funds will be used to pay down outstanding debt under its credit agreement, with the balance of the net proceeds to be invested initially in short-term investment-grade securities.
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