BROOMFIELD — Noodles & Co. (Nasdaq: NDLS) on Thursday priced its previously announced public offering of 8.5 million shares of Class A common stock at $10 per share.
The Broomfield-based chain of fast-casual restaurants has agreed to sell 2.5 million shares of common stock, and certain stockholders have agreed to sell 6, million shares of common stock.
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Noodles & Co. will use substantially all of the net proceeds from the sale of its 2.5 million shares to repay, in part, borrowings under its revolving credit facility. Noodles & Co. will not receive any proceeds from the sale of shares of common stock offered by stockholders.
Jefferies LLC, Citigroup and RBC Capital Markets LLC are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey Inc. and C.L. King & Associates Inc. are acting as co-managers for the offering.
For up to 30 days, the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,275,000 additional shares of Class A common stock.