J.Jill tumbles after deep-discounted stock offering

JJill

13/06/2024 11:30

** Shares of women's apparel retailer J.Jill  JILL.N  down
14.3% to $33.90 in very thin premarket volume after overnight
stock offering
    ** Co late Weds announced pricing of 2 mln shares at $31,
21.6% discount to last sale of $39.55
    ** Co sold 1 mln shares and largest holder TowerBrook
Capital Partners offered the balance
    ** J.Jill plans to use net offering proceeds it receives to
repay debt and for general purposes
    ** Offering cuts investment management firm TowerBrook's
stake from 61.4% to 50.69%, or ~7.6 mln shares, per SEC
prospectus filing
    ** Prior to offering, JILL shares had gained 12% since co on
Fri raised annual net sales forecast on robust demand
    ** Shares up 53% YTD through Weds and were trading around
$20 a year ago
    ** Jefferies, William Blair and TD Cowen are jt bookrunners
for the offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))