Party City Holdco Inc. (NYSE: PRTY (the "Company”) today announced that
certain of its stockholders (the "Selling Stockholders”) intend to offer
for sale 10,000,000 shares of its common stock pursuant to the Company’s
shelf registration statement filed with the Securities and Exchange
Commission (the "SEC”). The Selling Stockholders will receive all of the
net proceeds from this offering. No shares are being sold by the Company.
Subject to the completion of the offering, the Company will purchase
from the underwriter 2,500,000 shares of common stock being sold by the
Selling Stockholders. The Company’s per-share purchase price for the
repurchased shares will be the same as the per-share purchase price
payable by the underwriter to the Selling Stockholders. The Company
intends to fund the share repurchase with cash on hand and borrowings
under its revolving credit facility.
Goldman Sachs & Co. LLC will act as underwriter for the offering.
A shelf registration statement (including a prospectus) relating to the
offering of common stock became effective with the SEC on September 30,
2016. Before you invest, you should read the prospectus in that
registration statement and the documents incorporated by reference in
that registration statement as well as the prospectus supplement related
to this offering. You may obtain these documents for free by visiting
EDGAR on the SEC website at www.sec.gov.
When available, copies of the prospectus supplement and accompanying
prospectus related to the offering may also be obtained from Goldman
Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York,
NY 10282, telephone:(212) 902-1171, facsimile: 212-902-9316, e-mail: Prospectusemail@example.com.
The offering of these securities will be made only by means of a
prospectus supplement and the accompanying prospectus.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction. Any offer to buy the securities may be withdrawn or
revoked, without obligation or commitment of any kind, at any time prior
to notice of its acceptance given after the effective date.
About Party City Holdco Inc.
Party City Holdco Inc. is the leading party goods company by revenue in
North America and, it believes, the largest vertically integrated
supplier of decorated party goods globally by revenue. The Company is a
popular one-stop shopping destination for party supplies, balloons, and
costumes. In addition to being a great retail brand, the Company is a
global, world-class organization that combines state-of-the-art
manufacturing and sourcing operations, and sophisticated wholesale
operations complemented by a multi-channel retailing strategy and
e-commerce retail operations. The Company is the leading player in its
category, vertically integrated and unique in its breadth and depth. The
Company designs, manufactures, sources and distributes party goods,
including paper and plastic tableware, metallic and latex balloons,
Halloween and other costumes, accessories, novelties, gifts and
stationery throughout the world. The Company’s retail operations include
over 900 specialty retail party supply stores (including approximately
150 franchise stores) throughout North America operating under the names
Party City and Halloween City, and e-commerce websites, principally
through the domain name PartyCity.com.
This press release includes statements that express our opinions,
expectations, beliefs, plans, objectives, assumptions or projections
regarding future events or future results and therefore are, or may be
deemed to be, "forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
regarding the offering. These forward-looking statements can generally
be identified by the use of forward-looking terminology, including the
terms "believes,” "expects,” "may,” "will,” "should,” "seeks,”
"projects,” "approximately,” "intends,” "plans,” "estimates” or
"anticipates,” or, in each case, their negatives or other variations or
comparable terminology. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and depend
on circumstances that may or may not occur in the future, including
risks and uncertainties relating to the consummation of the proposed
offering by the Selling Stockholders and the risks identified, or
incorporated by reference, in the prospectus supplement or accompanying
prospectus. Except as may be required by any applicable laws, Party City
assumes no obligation to publicly update or revise such forward-looking
statements, which are made as of the date hereof or the earlier date
specified herein, whether as a result of new information, future
developments or otherwise.
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