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IRVING, Texas, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Del Frisco’s Restaurant Group, Inc. (“Del Frisco’s” or “the Company”) (NASDAQ:DFRG) today announced that it upsized and priced an underwritten public offering of 11,250,000 shares of its common stock at a public offering price of $8.00 per share for total expected gross proceeds of $90 million before underwriting discounts and commissions and estimated expenses.
In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to 1,687,500 additional shares of common stock at the public offering price. The offering is subject to customary closing conditions and is expected to close on or about August 6, 2018.
Del Frisco’s intends to use the net proceeds of the offering to repay a portion of the outstanding borrowings under its senior secured term loans which were used to finance Del Frisco’s recently completed acquisition of Barteca Restaurant Group, consisting of Barcelona Wine Bar and bartaco.
Piper Jaffray & Co. and J.P. Morgan Securities LLC are serving as joint book-running managers for the offering. Citizens Capital Markets, Inc. is also serving as an underwriter for the offering.
The offering is being made pursuant to the Company’s shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective on July 12, 2018. The offering is being made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying prospectus may be obtained by sending a request to Piper Jaffray & Co., Attn: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Del Frisco’s Restaurant Group, Inc.
Based in Irving, Texas, near Dallas, Del Frisco's Restaurant Group, Inc. is a collection of 84 restaurants across 24 states and Washington, D.C., including Del Frisco's Double Eagle Steakhouse, Barcelona Wine bar, bartaco, Del Frisco's Grille, and Sullivan's Steakhouse.
Forward Looking Statements
Certain statements in this communication are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as “anticipate”, “believe”, “could”, “should”, “estimate”, “expect”, “intend”, “may”, “predict”, “project”, “target”, and similar terms and phrases, including references to assumptions, to identify forward-looking statements. All statements other than statements of historical facts contained in this communication, including references to statements regarding the completion of the securities offering on the terms described and our anticipated use of net proceeds from the offering are forward-looking statements. The forward-looking statements in this communication are based on information available to us as of the date any such statements are made, and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, risks arising from whether or not the Company will be able to raise capital through the offering or consummate the offering, the final terms of the offering, the satisfaction of customary closing conditions, prevailing market conditions, the anticipated use of proceeds from the offering, the impact of general economic industry or political conditions in the United States or globally, and other factors described in our reports filed with the SEC, including those found in our most recent Annual Report on Form 10-K (as such risks may be updated from time to time in our public filings, including in our most recent Quarterly Report on Form 10-Q).
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