Portillo's drops on pricing 8 mln share secondary offering

Portillos

12/08/2022 15:55

** Portillo’s Inc's  PTLO.O  shares down 7.0% at $23.22
after restaurant firm prices secondary offering
    ** Chicago-style hotdog chain late Thurs announced 8 mln
shares at $23.75, 4.9% discount to stock's last sale
 urn:newsml:reuters.com:*:nGNXbm9vx9
    ** Co to use net proceeds to purchase units/shares from
existing holders
    ** Offering takes private equity sponsor Berkshire Partners'
stake from ~65.6% to 54.3%, or ~37.9 mln shares, per filing https://www.sec.gov/Archives/edgar/data/1871509/000119312522214895/d382690ds1.htm#rom382690_17
    ** Jefferies, Morgan Stanley, BofA and Piper Sandler lead jt
bookrunners
    ** On Aug 4, PTLO reported Q2 same-restaurant sales growth
of 1.9%, and said it saw "unprecedented" commodity inflation
amid rising pork, chicken and beef prices  urn:newsml:reuters.com:*:nGNXBr4Rm
    ** With move on Fri, shares down ~38% YTD but above last
Oct's IPO price of $20

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))