$210 million Noodles' stock sale planned
Last Updated: 16:33 December 3, 2013
Noodles' latest planned stock offering comes after a successful initial public offering raised $100 million in July. Broomfield-based Noodles (Nasdaq: NDLS) stock traded at $40.63 per share on Nov. 29, according to the regulatory filing, creating the informal value for the latest planned stock sale. No formal price has been set and no specific date has been announced for the new offering.
Of the total 5.175 million shares to be sold, Noodles plans to sell 108,267 shares of Class A stock and stockholders plan to sell 4,391,733 shares of stock. Underwriters are expected to sell an additional 675,000 shares of stock, according to the regulatory filing.
The company also plans to repurchase shares of common stock directly from certain Noodles officers. Noodles will use proceeds from the public offering to fund the repurchase.
Separately, Noodles said it expects restaurant sales growth between 2.5 percent and 3 percent in the fourth quarter of 2013.
Morgan Stanley & Co. LLC and UBS Securities LLC are acting as lead joint book-running managers for the latest offering. Jefferies LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., Piper Jaffray & Co., Robert W. Baird & Co. Inc. and RBC Capital Markets LLC are acting as book-running managers.
Noodles stock opened at $38.97 on Tuesday. The company priced its IPO at $18 per share in July. The stock has traded as high as $51.97 per share and as low as $32 per share since the company went public.
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