Indianapolis, Ind. — hhgregg, Inc. (“hhgregg”) today announced the pricing of an underwritten public offering of 3,500,000 shares of its common stock, at a price of $16.50 per share. The underwriters have a 30-day option to purchase up to an additional 525,000 shares at the offering price less the underwriting discount, to cover over-allotments, if any. hhgregg expects to receive net proceeds of approximately $53.5 million from the offering (excluding any exercise of the over-allotment option), after deducting underwriting discounts and commission and estimated expenses payable by hhgregg. hhgregg intends to use the net proceeds from the public offering for general corporate purposes, including working capital and capital expenditures related to store growth and new store pre-opening.
Credit Suisse Securities (USA) LLC and Barclays Capital Inc. are the Joint Bookrunning Managers for the offering. The common stock is being issued under a $200 million shelf registration statement declared effective by the Securities and Exchange Commission on July 14, 2009.
About hhgregg
hhgregg is a specialty retailer of consumer electronics, home appliances, and related products and services operating under the names hhgregg(TM). hhgregg currently operates 113 stores in Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, South Carolina and Tennessee.
Source: hhgregg
