Dixie Group Plans To Make Public Offering Of 2.50 Mln Shares

(RTTNews) - The Dixie Group Inc. (DXYN) announced Monday that it plans to make a public offering of 2.50 million shares of its common stock.

In connection with the offering, the company intends to grant the underwriters an option for 30 days to purchase up to an additional 375,000 shares of common stock to cover over-allotments, if any.

The company noted that it expects to use the net proceeds from this offering for general corporate purposes and to reduce the balance under its revolving credit facility, which includes borrowings associated with the recent acquisition of Atlas Carpet Mills.

Wells Fargo Securities and Raymond James are joint book-running managers for the offering.