PLBY Group, Inc. ( NASDAQ: PLBY ), the media group that oversees Playboy brand among other properties, announced on Thursday that it has generated a total of $65M in gross proceeds from recent capital raises.
According to a press release, a rights offering will provide the Company with gross proceeds of $50M, adding to $15M in proceeds generated by a direct offering. The company expects to use a minimum of 80% of the gross proceeds from the rights offering for repayment of senior debt under its credit agreement.
“We appreciate the confidence our existing stockholders have shown in the Company through substantially over-subscribing in the rights offering, resulting in total subscription indications of approximately $99.5M,” CEO Ben Kohn said. “As a result, together with the separate registered direct offering, we were able to raise $65 million of new capital, which will allow us to access flexibility under our credit agreement to improve our capital structure.”
Shares of the media group hopped 15.21% higher on Thursday.
Read more on the details of the offering .
For further details see:
PLBY stock pops on successful capital raise