CANADA: Hudson's Bay IPO to raise CAD365m
Hudson's Bay, which operates 90 stores in Canada under The Bay and Home Outfitters chains, and Lord & Taylor in the US, plans to sell 21m shares at $17.00 each. The decision to return to the Toronto Stock Exchange values the retailer at $2.04bn.
Trading under the HBC symbol is expected to start on the closing of the offer. The offering will include a treasury offering of 14.7m shares and a secondary offering of 6.8m by Hudson's Bay Co (Luxembourg), which will raise CAD250m.
The net proceeds will be used to repay the company's debt and Hudson's Bay Co (Luxembourg) will continue to hold 98m shares, or 82% of the outstanding stock.
The IPO is being made through a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets, CIBC and BofA Merrill Lynch, who will act as joint bookrunners.
PVH has entered a distribution partnership with department store operator Hudson's Bay to sell its Tommy Hilfiger women's wear line in its stores. ...
Canadian department store retailer Hudson's Bay Company has seen its fourth-quarter net profit nearly halve, after it was forced to clear inventory at its Lord & Taylor stores across the US after Hurr...
Canadian department store retailer Hudson's Bay has promoted Eileen DiLeo to executive vice president of stores for its Lord & Taylor and namesake brands, replacing Debbie Edwards who is retiring....
- Why have US FTA imports fallen to a record low?
- Hanesbrands sourcing to cut Pacific Brands costs
- Collaboration key to the future of smart textiles
- First figures show Bangladesh exports climb
- Synergies Worldwide CEO unravels sourcing shifts
- Li & Fung divests Asia distribution business
- US looks to boost trade with Sri Lanka
- US Q1 in brief: VF Corp, Carter's, Skechers
- Vietnam textile sector calls for strategy update
- Lindex planning supplier sustainability scorecard