Converse has reportedly canceled a conference call to discuss its planned $86 million Initial Public Offering. The IPO has been delayed to “uncertain global conditions” and stock market uncertainties over the start of the war in Iraq.
The planned IPO, revealed in an S-1 filed with the U.S. Securities and Exchange Commission in mid December, is expected to raise $86 million.
The company hasnt launched a preoffering “roadshow” for insitutional investors, or set a firm offering date-and is now unlikely to do so until there’s more clarity in Iraq.
Converse planned to use the net proceeds to redeem outstanding preferred stock, pay down more than $30 million in debt owed on a credit facility, fund working capital and spend on other general corporate purposes.
The preliminary filing did not say how many common shares the company plans to sell or the price range. That information is expected in future filings.
