Bauer Performance Sports Ltd., which is already listed on the Toronto Stock Exchange, is pursuing a public offering of its common shares in the United States and Canada in a bid to raise gross proceeds of approximately $110 million.



The Exeter, NH-based developer and manufacturer of high performance sports equipment and apparel, announced that it has filed a registration statement on Form F-10 with the U.S. Securities and Exchange Commission (SEC) and prospectuses and forms required by securities regulatory authorities in each of the provinces of Canada. The company has applied to list its common shares on the New York Stock Exchange (NYSE), as well as on the Toronto Stock Exchange (TSX), subject to customary listing conditions.

 


The company also announced late Monday its intention to change its name to “Performance Sports Group Ltd.,” which it said better reflects the company's growth with its recent strategic acquisitions and expansion into new high performance sports. In connection with this name change, the company's stock symbol will change from “BAU” to “PSG” on the Toronto Stock Exchange and trading on the NYSE will commence on Friday, June 20, 2014 under the symbol “PSG.” The effective date of the name change will occur on Tuesday, June 17, 2014, and it is expected that trading of common shares on the TSX will commence under the new name in approximately two business days of such effective date.


 

“The success of Bauer Performance Sports over the last several years, driven by significant market share growth in hockey and the expansion of our platform into new sports and apparel, has elevated our company to new levels as we look to broaden our shareholder base with an NYSE listing,” said Kevin Davis, President and CEO of the company. “With the No. 1 brands in ice hockey, roller hockey, baseball and softball, as well as a growing lacrosse business, the new name Performance Sports Group better defines our market leadership in high performance sports equipment, our more diversified business and our ability to continue to pursue strategic acquisitions across the industry.”


 

The company's brands, including Bauer, Missiong, Maverik, Cascade, Inaria, Combat and Easton, will not change as a result of the public company name change and will continue to be consumer-facing brands in their respective sports.
The net proceeds of the proposed offering will be used to reduce leverage and repay a portion of the company's term loan facility which was used to finance its recent acquisition of Easton Baseball/Softball.

 

 

Morgan Stanley, Bank of America Merrill Lynch and RBC Capital Markets will act as joint bookrunners for the proposed offering. The company expects to grant the underwriters participating in the offering a 30-day option to purchase up to an additional 15 percent of the number of common shares sold pursuant to the base offering to cover over-allotments, if any, and for market stabilization purposes. The actual number of common shares to be issued and the price of each common share will be determined in the context of the market at the time of pricing. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.