IRVINE, Calif.--(BUSINESS WIRE)--May. 4, 2012--
Tilly’s, Inc. (NYSE: TLYS) today announced the pricing of its initial
public offering of 8,000,000 shares of Class A common stock at $15.50
per share. Tilly’s is offering 7,600,000 shares and selling stockholders
are offering 400,000 shares. The shares will be listed on the New York
Stock Exchange under the symbol “TLYS” and will begin trading today. The
underwriters have a 30-day option to purchase up to an additional
1,200,000 shares from the selling stockholders to cover overallotments,
if any. Tilly’s will not receive any proceeds from the sale of shares by
the selling stockholders.
Tilly’s expects to receive proceeds, net of the underwriting discounts
and offering expenses, of approximately $107.6 million. Tilly’s intends
to use $84.0 million to pay in full the principal amount of notes held
by existing stockholders representing the final undistributed "S"
corporation earnings of World of Jeans & Tops, a wholly-owned
subsidiary. The remaining proceeds will be used for working capital and
general corporate purposes.
Goldman, Sachs & Co., BofA Merrill Lynch, and Piper Jaffray & Co. acted
as book-running managers, and William Blair & Company and Stifel
Nicolaus Weisel acted as co-managers for this offering. Latham & Watkins
LLP served as legal counsel to Tilly’s in connection with the offering.
The offering is being made only by means of the written prospectus
forming part of the effective registration statement. A copy of the
final prospectus may be obtained by contacting Goldman, Sachs & Co.,
Prospectus Department, 200 West Street, New York, NY 10282, telephone
1-866-471-2526, facsimile 212-902-9316, or by emailing prospectus-ny@ny.email.gs.com;
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn:
Prospectus Department, or by emailing dg.prospectus_requests@baml.com;
or Piper Jaffray & Co., Attn: Equity Capital Markets, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, telephone 800-747-3924, or by emailing prospectus@pjc.com.
A registration statement relating to shares of Tilly’s Class A common
stock was declared effective by the U.S. Securities and Exchange
Commission on May 3, 2012. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful.
About Tilly’s
Tilly's is a fast-growing destination specialty retailer of West Coast
inspired apparel, footwear and accessories with an extensive assortment
of the most relevant and sought-after brands rooted in action sports,
music, art and fashion. Tilly’s is headquartered in Southern California
and, as of April 28, 2012, operated 145 stores and through its website, www.tillys.com.
Source: Tilly’s, Inc.
Investor Relations Contact:
ICR, Inc.
Anne Rakunas/Joseph
Teklits
310-954-1113
anne.rakunas@icrinc.com
