Burlington Coat Factory Expects to Raise $205 Million in IPO

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Fall styles from Burlington Coat Factory

Fall styles from Burlington Coat Factory

Burlington, NJ—Burlington Coat Factory said Monday that it expects to raise $205 million from its initial public offering of 13.3 million of its common stock at $17 a share.

The proceeds will be used—along with cash on hand—to “primarily redeem outstanding indebtedness.” The offering, which the company filed a registration statement for in July, is expected to close on Oct. 7.

In connection with the offering, the off-price retailer has granted underwriters a 30-day option to purchase up to an additional 2,000,000 shares.

The shares will be listed on the New York Stock Exchange starting today under the symbol “BURL.”

Earlier this month, Burlington reported a narrower second quarter loss, helped by sales growth and higher margins. Its loss narrowed to $19.5 million from $31.3 million while sales grew 11.5% to $963.7 million.

J.P. Morgan, Morgan Stanley, BofA Merrill Lynch, Goldman, Sachs & Co., and Wells Fargo Securities are acting as joint book-running managers for the offering.

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