Deckers Outdoor Corporation has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 3,500,000 shares of common stock consisting of 1,500,000 primary shares offered by the Company and 2,000,000 shares offered by certain selling stockholders, including Douglas B. Otto, Chief Executive Officer, and other employees, members of management and members of the Board of Directors.
The Company will not receive any portion of the proceeds from the sale of shares by the selling stockholders. In addition, the selling stockholders have granted the underwriters an option to purchase additional shares of common stock to cover over-allotments, if any, of up to fifteen percent of the total amount of shares offered. Any shares issued under the option are to be sold by the selling stockholders, rather than the Company.
The Company intends to use a portion of the net proceeds to the Company to repay outstanding debt, including up to $7 million of its 16.75% subordinated note, $13 million of its 9% junior subordinated note and $7 million of senior term debt. Any remaining net proceeds will be used for working capital and general corporate purposes.
The managing underwriters of the offering will be: RBC Capital Markets Corporation, as sole bookrunning and co-lead manager, Piper Jaffray & Co. as co-lead manager, and SG Cowen Securities Corporation, D.A. Davidson & Co., First Albany Capital Inc., and Wedbush Morgan Securities Inc. When available, copies of the prospectus may be obtained from RBC Capital Markets Corporation, 60 South 6th Street, 17th floor, Minneapolis, MN 55402.
