J.Jill Inc. (JILL) has announced the pricing for the underwritten public offering of 2 million shares of its common stock, each priced at $31.00.
In this offering, J.Jill is making available 1 million shares, while an affiliate of TowerBrook Capital Partners L.P., J.Jill’s largest stockholder, is offering the remaining 1 million shares. Additionally, the selling stockholder has granted the underwriters a 30-day option to purchase up to an extra 300,000 shares of J.Jill's common stock.
The transaction is anticipated to close on June 14, 2024, subject to the fulfillment of customary closing conditions.
J.Jill expects gross proceeds of $31.0 million from this offering, before accounting for underwriting discounts, commissions, and estimated offering expenses. The company plans to use the net proceeds from its portion of the share sales to repay debt and for general corporate purposes.
It is important to note that J.Jill will not receive any proceeds from the shares sold by the selling stockholder.
