You will be redirected back to your article in seconds

NL boosts common stock offer

New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share.

The company said the offering was increased from 2 million shares to accommodate interest from large institutions.

All of the shares are being sold by the company. After the offering, New Line will have approximately 15.2 million shares outstanding.

Stock took hit

Because Morgan Stanley & Co. Inc. decided to price the shares below market, New Line’s stock took a hit, dropping $ 1 Friday to close at $ 13.38.

New Line said it expects to use the net proceeds (about $ 28 million) for general corporate purposes, including financing its production and acquisition of film projects.

Initially, all net proceeds will be used to reduce $ 58.5 million of debt under the company’s credit facility. Morgan Stanley; Donaldson, Lufkin & Jenrette Securities Corp.; Furman Selz Inc.; and Kidder, Peabody & Co. Inc. managed the offering.

New Line has granted the underwriters an option to purchase up to 375,000 additional shares to cover any over-allotments. The over-allotment option was increased from 300,000 shares.

More Film

  • Kingsman: The Golden Circle

    China Box Office: 'Kingsman' Dominates With $39 Million Opening

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

  • Kingsman: The Golden Circle

    'Kingsman: The Golden Circle' Tops International Box Office With China Debut

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

  • James Toback sexual harassment

    Dozens of Women Accuse Director James Toback of Sexual Harassment

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

  • Robert Hawkins, Variety Rome Correspondent, Dies

    Bob Hawkins, Longtime Variety Journalist in Italy, Dies at 93

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

  • Boo 2! A Madea Halloween

    Box Office: Tyler Perry's 'Boo 2!' Tops Downbeat Weekend With $21.7 Million

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

  • Aida Begic Director Aida Begic poses

    Antalya Festival: Aida Begic on ‘Never Leave Me,’ Shooting Movies with Kids

    New Line Cinema Corp. announced Friday an offering of 2.5 million shares of its common stock at $ 12 per share. The company said the offering was increased from 2 million shares to accommodate interest from large institutions. All of the shares are being sold by the company. After the offering, New Line will have […]

More From Our Brands

Access exclusive content