Posts for Ticker ‘NWRG’

Einstein Noah Returns to NASDAQ With Shares Offering Effective (BAGL, NWRG)

last night, Einstein Noah Restaurant Group, Inc. today announced the pricing of a public offering of 5,000,000 shares of its common stock at $18.00 per share.  This is the old New World Restaurant Group that traded under the Pink Sheet ticker "NWRG" and the new ticker is "BAGL" on NASDAQ.

The proceeds arefor restructuring and for debt repayment.  Morgan Stanley and Cowen & Co. are acting as joint book-runners on the deal, with Piper Jaffray listed as co-manager.  This one has been in the works for some time, so it will be interesting to see the full outcome.

The $90 million sold was about $10 million short of original expectations per its filing.

The original terms were for 5 million shares at a $19.00 to $21.00 range.  Here is a full summary ahead of the offering.   Earlier this week the company showed an SEC filing where its May 2007 comparable store sales "for company-owned restaurants" increased 5.8% compared to May 2006.

Jon C. Ogg
June 8, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 8, 2007 – 7:03 am in Food, IPOs, Secondary Offering, ,

Einstein Noah Coming Back As a Stock Next Week?

Stock Tickers: NWRG, BAGL, PNRA

New World Restaurant Group, Inc. (NWRG-PINKSHEET) is back to the old Einstein Noah Restaurant Group, Inc. name and will trade under the ticker "BAGL" on NASDAQ after this awaited securities sale next week.  As a reminder, all of these security sales are subject to change.  The company has had an active filing and as of today looks like the sale date is for a late-week offering assuming no changes are made.

Einstein as of now is selling 5 million shares at an estimated $19.00 to $21.00 range in what should amount a roughly $100 million stock offering.  This will get it back into NASDAQ compliance and off the deathly Pink Sheets where most investors fear to tread.  Shares closed today at $19.25, if you count a total of 1,870 shares as a real trade.

This is not a simple deal, so be sure to read what we are noting on this and be sure to read through the prospectus link on your own if you are interested in this offering.  Anyone with an "investor’s memory" may recall that the company never went under as far as an operation, but it was definitely an investor flame-out the first time around. We look for special situation investments such as back-door plays into IPO’s or recapitalizations, and this is truly a unique offering in that this one is a bit of both. 

The company also will have what should be some instant brokerage firm coverage after the offering as well because the joint book-runners are Morgan Stanley and Cowen & Co, and the co-manager is Piper Jaffray.  Based on the diluted share percentages and a mid-point price range, this one should have an implied market cap of roughly $313 million. 

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Posted on: June 1, 2007 – 3:59 pm in Food, IPOs, Restatements, Retail, Secondary Offering, Shareholder Issues, , ,

Einstein Bros. Back From the Pink Sheets (NWRG, BAGL, PNRA, SBUX)

Is it an IPO, a Recapitalization, a Secondary, or a PIPE? Truthfully, it is all of them and none of them.  It’s a Re-PO.

Maybe the restaurant chain didn’t die, but the stock might as well have until now.  New World Restaurant Group, Inc. (NWRG-PINKSHEET) is back to the old Einstein Noah Restaurant Group, Inc. name and will trade under the ticker "BAGL" on NASDAQ after this upcoming securities sale.  This has been in the works for some time via SEC filings (April 10 original filing date), but today the company set some terms for an offering.  Einstein is selling 5 million shares at an estimated $19.00 to $21.00 range in what should amount a roughly $100 million stock offering.  This will get it back into NASDAQ compliance and off the deathly Pink Sheets where most investors fear to tread.

This is not a simple deal, so be sure to read what we are noting on this and be sure to read through the prospectus link on your own if you are interested in this offering.  Anyone with an “investor’s memory” may recall that the company never went under as far as an operation, but it was definitely an investor flame-out the first time around. We look for special situation investments such as back-door plays into IPO’s or recapitalizations, and this is truly a unique offering in that this one is a bit of both. 

We will be posting more on this offering on Monday, so stay tuned.  This entire full note with more detail and analysis went out to our free email subscriber list.  If you wish to sign up for that list you can do so on the website yourself or you can send an email to jonogg@247wallst.com with your name and email and label it "Subscribe" in the title.

Further on in this we have identified the financials, the brokers who will cover it, the risks, the outlook, the financials, the growth plans, the ownership, control stakes, the debt and financial covenants, and more.  We will also be conducting some spot location reviews similar to what we did on Stabucks (SBUX-NASDAQ) in different geographic locations and noted a brief similarity to Panera Bread (PNRA-NASDAQ).  NWRG/BAGL is a far different entity than the others and will definitely not be the sort of stock for every single investor out there.

Have a great weekend.

Jon C. Ogg
May 18, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: May 18, 2007 – 3:06 pm in Cult Stock, Food, IPOs, Secondary Offering, Shareholder Issues, , , ,