STAGE COMPLETES SECONDARY OFFER
NEW YORK — Stage Stores Inc. has completed its secondary offering of 6.4 million shares of common stock, which were sold by insiders at a price of 34 7/8 apiece.
Bain Capital Fund sold 3.5 million shares in the deal, taking home $122.1 million. Acadia Entities sold 2.7 million shares, realizing proceeds of $94.2 million in the offering that closed last Wednesday.
Stage stock added 3/8 to close at 37 3/4 in over-the-counter trading Friday.
The selling shareholders are venture capital firms that funded the 1988 leveraged buyout of the $777-million apparel chain, which retails moderate-price brands in small towns.
The stock offering was underwritten by CS First Boston and Bear Stearns, which have been granted an overallotment of 650,000 shares. Proceeds from the overallotment, if exercised, will be used by Houston-based Stage to reduce borrowings.