AZ-based sportswear company Antigua Group has filed
plans with the SEC to sell 3 million shares in an IPO,
according to Dawn Gilbertson of the ARIZONA REPUBLIC. While
the company would trade under the "proposed" NASDAQ symbol
ANTGF, a "projected price range was not disclosed." The
timing of the IPO "is tied to the recent sale of the company"
to Canadian-based Southamptom Enterprises. Proceeds from the
IPO, "which probably won't be completed until January, will
be used to repay debt from the acquisition." Antigua hopes
to raise $15.5M after expenses, "which indicates an expected
IPO price of about $6." After the deal, company officials
will own "about one-third" of Antigua. Gilbertson reports
that while Antigua sales have "been relatively flat the past
few years," they have been "on an upswing this year." In the
"pipeline" for Antigua is "more celebrity endorsements," as
it currently has deals with golfers Mark Brooks, Billy
Mayfair and NBC golf announcers (ARIZONA REPUBLIC, 11/19).
The CFL Calgary Stampeders will conduct an IPO of C$2.5M
on the Alberta Stock Exchange, "making them the first
Canadian-based football club to go public," according to
Gayle Macdonald of the Toronto GLOBE & MAIL. The 2.5 million
common shares will sell for $1. The prospectus does note --
"many times and in bold ink -- that these securities are
'highly speculative' and contain 'a high degree of risk.'"
Team Owner Sig Gutsche will receive three million common
shares and end up with roughly 55% control of the team. The
prospectus has been given "tentative approval" by CFL Chair
and Acting Commissioner John Tory (GLOBE & MAIL, 11/19).
In the "biggest bank merge ever," PA-based CoreStates
Financial Corp. has agreed to be acquired by NC-based First
Union Corp., according to Joseph DiStefano of the
PHILADELPHIA INQUIRER. No new names have been announced for
the CoreStates Spectrum or CoreStates Center in Philadelphia,
but under terms of CoreStates' 29-year, $40M deal signed in
'94, "the rights to the names of the two buildings passes to
its successor." CoreStates is also title sponsor of the U.S.
Pro Cycling Championships (PHILADELPHIA INQUIRER, 11/19). In
Philadelphia, Edward Moran writes that the deal will probably
"result in a change of address for the Flyers and Sixers."
CoreStates Complex President Peter Luukko: "It looks like
we'll be changing a lot of business cards, but really, it's
just a sponsorship deal and it has no effect on our own
management" (PHILADELPHIA DAILY NEWS, 11/19).
Florida Panthers Holdings (FPH) is "trying to secure up
to" $500M in credit in order to "add to its trophy chest of
luxury hotels and other facilities," according to Katherine
Hutt of the Fort Lauderdale SUN-SENTINEL. FPH CFO William
Pierce said that they are in talks with "a couple of"
financial institutions about a "three year revolving credit
facility" that will be used "primarily for acquisitions."
The company is looking at resorts in both the East and the
West and is "targeting independently owned resorts," with
Phoenix, Palm Springs, and California's wine country "among
the attractive markets." Officials said that the company
"should lose" $14M this year on revenues of $250M; however,
the Panther hockey team, which now has a $15M "negative cash
flow," should switch to an $8M "positive cash flow" after it
moves into Broward Arena next season (SUN-SENTINEL, 11/18).
Walt Disney Co.'s fourth-quarter net income rose
"nearly" 18%, according to Bruce Orwall of the WALL STREET
JOURNAL. The company reported net income of $411M, or $0.60
a share, on revenue of $5.52B for the quarter ended September
30, compared to net income of $349M, or $0.51 a share, on
revenue of $5.27B a year ago (WALL STREET JOURNAL, 11/19).
ESPN "was a particular bright spot" and the company's retail
operations "marked significant same-store gains" (Carl
DiOrio, HOLLYWOOD REPORTER, 11/19).