GUESS SETS SECONDARY OFFERING
NEW YORK — Guess Inc. plans to sell 4.5 million shares in a secondary offering, its first stock sale since going public in 1996.
At current prices, proceeds will reach about $125 million, all going to the company.
The Los Angeles-based firm will use the proceeds for debt repayment and working capital. As of Dec. 31, Guess had $79.6 million worth of outstanding 9 1/2 percent senior subordinated notes due 2003 and no borrowings under its $125 million bank line.
On the New York Stock Exchange on Thursday, Guess dipped 7/8 to close at 28. Its 52-week high was 33 and its low was 7.