LNT looks to pay off short-term debt
May 31, 2002-- Home Textiles Today,
Clifton, NJ — Linens 'n Things wants to sell about 3.4 million shares of common stock, using the cash it raises to pay down short-term debt.
With the retailer's stock lately at about $33 a share, the sale could bring in about $112 million in cash.
In a registration statement filed with the Securities and Exchange Commission, Linens 'n Thing said it will use the proceeds to repay short-term borrowings under its revolving credit facility and additional lines of credit. Any remaining proceeds will be used for general corporate purposes.
Credit Suisse First Boston is the lead underwriter for the proposed offering.