Regional gaming operator Isle of Capri Casinos will offer an additional 5.3 million shares of the company’s common stock for purchase on the Nasdaq.
In a statement, St. Louis-based Isle of Capri said proceeds from the stock offering to repay borrowings from the company’s revolving line of credit and for general corporate purposes.
Isle of Capri, which operates 15 casinos, primarily in the Midwest and south, now has 32.94 million shares outstanding. Shares of the company closed at $10.80 on Wednesday, down 21 cents, or 1.91 percent.
Last year Isle of Capri was licensed by Nevada gaming regulators.
Deutsche Bank Securities is acting as sole book-running manager for the offering and the underwriter will have a 30-day option to buy up to an additional 795,000 shares to cover overallotments.