Einstein Noah Restaurant Group (BAGL)

[eastunder]

Let's start this off with getting the IPO price on record

Einstein Noah closes public offering

Wednesday, June 13, 2007 15:01ET

By Staff Reporter
LAKEWOOD, Colo., Jun 14, 2007 (AP via COMTEX) -- Bagel chain operator Einstein Noah Restaurant Group Inc. said Wednesday it raised net proceeds of about $83.7 million in its initial public offering.

Einstein Noah's public offering of 5 million shares priced at $18 per share on Thursday. The company's Nasdaq-listed stock, which began trading Friday, was flat at $18 in afternoon trading. Previously, the company's shares had been quoted in the Pink Sheets.

Einstein Noah said underwriters have agreed to reimburse the company $945,000 for expenses related to the offering. The company has also given the underwriters an option to buy an additional 750,000 shares to cover any over-allotments.

The company plans to use proceeds of the offering to repay debt.

Morgan Stanley and Cowen and Co. served as lead underwriters for the offering. Piper Jaffray also sold shares to investors.

Einstein Noah operates about 600 restaurants in 36 states and the District of Columbia under the Einstein Bros. Bagels, Noah's New York Bagels and Manhattan Bagel brands.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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