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VNCE

Vince Holding

$0.33

0.0106 (3.31%)

08:32
05/19/17
05/19
08:32
05/19/17
08:32

Vince Holding reports receipt of $30M rights offering commitment letter

Vince Holding announced that on May 18, the company received a Rights Offering Commitment Letter from Sun Capital Partners V, L.P. that provides the company with an amount equal to $30M of cash proceeds in the event that the company conducts a rights offering of its common stock to its stockholders, subject to certain terms and conditions. Brendan Hoffman, CEO, commented, "We are pleased to have received this Rights Offering Commitment Letter from Sun Fund V, and appreciate their continued support. The proceeds from a potential offering would enhance our capital structure and provide additional cash for operations, enabling us to continue executing our strategic plan." Sun Fund V will receive terms and conditions substantially in the same form as the investment agreement, dated March 15, 2016, by and among Sun Cardinal, LLC, SCSF Cardinal, LLC and the Company, with any modifications thereto as may be mutually agreed between Sun Fund V and the Company, for providing the Contribution Obligation. There will be no fee paid to Sun Fund V by the Company relating to the Contribution Obligation. Sun Fund V's obligations are subject to certain terms and conditions, as detailed fully in the Rights Offering Commitment Letter dated May 18, 2017, including but not limited to the Company entering into an amendment to its existing senior secured term loan facility that is acceptable to Sun Fund V in its sole discretion, and no default or event of default having occurred under the Company's senior secured term loan facility or revolving credit facility, unless promptly cured or reasonably expected to be promptly cured by the Company. Sun Fund V's obligations terminate upon the earliest to occur of (A) the consummation of the Rights Offering whereby the Company receives proceeds equal to or exceeding $30.0 million, (B) 11:59 p.m. New York City time on June 30, 2017 if the Rights Offering has not commenced by such time, which date to be extended by 45 days in the event the Company's registration statement relating to the Rights Offering is reviewed by the SEC, (C) 11:59 p.m. New York City time on August 1, 2017, and (D) the date Sun Fund V, or its affiliates, fund the Contribution Obligation.

VNCE Vince Holding
$0.33

0.0106 (3.31%)

08/22/16
PIPR
08/22/16
UPGRADE
PIPR
Overweight
Vince Holding upgraded on positive outlook, valuation at Piper Jaffray
As noted earlier, Piper Jaffray upgraded Vince Holding to Overweight from Neutral. Analyst Erinn Murphy calls the company "an early stage, self-help product turnaround candidate." She says that the company's fall/holiday offerings, which were influenced by the company's founders who have returned to active roles with the company recently, appear to be "positive." Moreover, the company's performance at a number of major retailers has improved, while the stock is "undervalued," she says. Target to $8 from $6.
08/22/16
08/22/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. L Brands (LB) upgraded to Buy from Neutral at Goldman with analyst Lindsey Drucker Mann saying second quarter results reduced concerns about how disruptive the new promotional strategy at Victoria's Secret would be on the business, and now believes a bottom is visible for productivity and margins. 2. Hormel Foods (HRL) upgraded to Outperform from Neutral at Credit Suisse with analyst Robert Moskow saying it has a clear path to volume growth over the next 12 months. 3. Brixmor (BRX) upgraded to Buy from Hold at Evercore ISI with analyst Samir Khanal citing relative valuation and reduced overhangs. 4. Cardiovascular Systems (CSII) upgraded to Outperform from Market Perform at Leerink with analyst Danielle Antalffy saying she believes the company has reached a "fundamental inflection point" given two solid quarters in a row and a new CEO in place. 5. Vince Holding (VNCE) upgraded to Overweight from Neutral at Piper Jaffray with analysts Erinn Murphy calling the company "an early stage, self-help product turnaround candidate." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/05/16
STFL
12/05/16
UPGRADE
STFL
Buy
Vince Holding upgraded to Buy from Hold at Stifel
12/05/16
STFL
12/05/16
UPGRADE
STFL
Buy
Vince Holding upgraded on product improvement at Stifel
As noted earlier, Stifel upgraded Vince Holding to Buy from Hold. Analyst Richard Jaffe says that the product assortments in the company's stores have improved. Moreover, according to Jaffe the company indicated that sales of its product were strong during Nordstrom's Anniversary Sale. He believes that "the Anniversary Sale provides an early read into Fall trends," and Jaffe expects the company's operating margin to rise over the longer term. Target $5.50.

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