Business
Portillo’s Inc. Announces Pricing of Public Follow-on Offering of 8,000,000 Shares of Class A Common Stock in “Synthetic Secondary” Transaction
CHICAGO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s”) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of
About this update from Portillo's Inc.
[{"type":"text","content":"CHICAGO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s”) (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the pricing of an underwritten public offering of 8,000,000 shares of its Class A common stock at a price to the public of $23.75 per share. The underwriters have a 30-day option to purchase up to an additional 1,200,000 shares of its Class A common stock at the public offering price, less underwriting discounts and commissions. The pre- and post-offering share counts for Portillo’s Class A common stock and Class B common stock are listed below: Pre-OfferingPost-Offering (No Option Exercise)Post-Offering (Full Option Exercise)Class AClass BClass AClass BClass AClass B36,218,35535,673,32142,111,95529,779,72142,995,99628,895,680TotalTotalTotal71,891,67671,891,67671,891,676 The offering is expected to close on August 16, 2022, subject to the satisfaction of customary closing conditions. Portillo’s expects to use the net proceeds from the proposed offering to (a) purchase LLC Units of PHD Group Holdings LLC held by existing holders, and (b) purchase shares of Class A common stock from certain existing holders, each in a “synthetic secondary” transaction. As a result, Portillo’s will not receive any proceeds from this offering. Upon close of the transaction, the total number of shares of Class A common stock and Class B common stock will remain the same; however, the amount of shares of Class A common stock will increase by the same amount of the decrease in the number of shares of Class B common stock. Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are acting as lead joint book-running managers and representatives for the proposed offering. Baird, UBS Investment Bank and William Blair are also acting as lead book-running managers for the proposed offering. Guggenheim Securities, Stifel, Loop Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the proposed offering. The offering is being made only by means of a prospectus. When available, a copy of the final prospectus may be obtained from the Securities and Exchange Commission (“SEC”) at www.sec.gov, and copies of the final prospectus may be obtained from: Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephon...