US lifestyle company Vans Inc. said that it has filed a registration statement with the Securities and Exchange Commission for the offer and sale of 2,500,000 shares of the company’s common stock. The statement has not yet become effective.
According to the Santa Fe Springs, California-based company, a specialist for casual and active wear, shoes, accessories, and sports equipment focused on the youth market, the proceeds from the sale will be used for the repayment of bank debt, of expenditures and working capital related to the addition of new stores and skateparks.
The managing underwriters will be Merrill Lynch & Co., as sole bookrunning manager, and Banc of America Securities LLC, Tucker Anthony Sutro and Ferris, and Baker Watts Inc. At present, Vans operates 139 stores in the US and Europe.