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BRIEF-Cherokee Inc enters into Hi-Tec acquisition documents
November 29, 2016 / 2:10 PM / 10 months ago

BRIEF-Cherokee Inc enters into Hi-Tec acquisition documents

Nov 29 (Reuters) - Cherokee Inc

* Cherokee Inc announces entry into Hi-Tec acquisition documents and pricing of public offering of common stock

* Cherokee Inc - deal for an aggregate cash purchase price of approximately $95.8 million on a cash-free debt-free basis

* Cherokee Inc - has priced an underwritten public offering of 3.7 million shares of its common stock at a public offering price of $9.50 per share

* Expect that purchase price for Hi-Tec intellectual property assets to be retained by Cherokee will be approximately $62.0 million

* Cherokee Inc - expects to use net proceeds from offering to fund a portion of hi-tec acquisition

* Cherokee - to fund a portion of purchase price, co entered into a commitment letter for a new $50 million credit facility with Cerberus Business Finance Source text for Eikon: Further company coverage:

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