J. Crew IPO
J. Crew Group Inc. closed its initial public offering with the sale of 21.6 million shares of common stock. The company intends to use a substantial portion of the net proceeds to reduce borrowings under its new-term loan and for general corporate purposes. It also will redeem $92.8 million worth of preferred stock and $32.5 million in other preferred stock. In addition, TPG-MD Investment LLC, a company owned by Texas Pacific Group, the company’s largest shareholder, and Chief Executive Millard Drexler converted $23.6 million in notes into 6.7 million shares of common stock.
