Gart Sports reduces debt - Market Watch - secondary stock offering - Brief Article - Statistical Data Included

DSN Retailing Today,  June 10, 2002  

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DENVER -- Gart Sports raised $52.5 million through a recent secondary stock offering. The company sold 1,750,000 shares at $32 and plans to use the money to repay long-term debt that had mushroomed from $158.4 million at the end of its fiscal year on Jan. 31 to $194.7 million on May 4. The company's majority stockholder, Green Equity Investors, also sold 1,750,000 shares.

The day after the offering was completed on May 23, Merrill Lynch analyst Peter Caruso initiated coverage of the company with a strong "buy" recommendation. Merrill Lynch, along with Bank of America, served as one of the lead underwriters on the stock deal.

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