Select Comfort stock sale raises $16.4M
By Furniture Today Staff -- Furniture Today, January 4, 2010
MINNEAPOLIS — Airbed manufacturer and retailer Select Comfort has closed its previously announced public offering of shares, raising net proceeds of about $16.4 million.
The company could receive another $1.6 million if company shareholder Sterling SC Investors exercises its right to buy more shares.
Select Comfort said it sold 3.8 million additional shares at $4.75 per share. It said it will use the proceeds to improve working capital and pay down debt.
“The close of this public offering represents another significant milestone in our efforts to strengthen our balance sheet and improve financial flexibility,” said Bill McLaughlin, president and CEO. “The combination of the recent Sterling Partners investment and the proceeds from this public offering allows us to eliminate our currently outstanding debt. The closing of this offering fulfills our obligation to raise equity capital under our credit agreement and we have no present intention to raise any additional equity capital.”
VIEW ALL GALLERIES
