GOLDEN Colo. Einstein Noah Restaurant Group Inc., the bagel-chain operator formerly known as New World Restaurant Group Inc., began trading today on the Nasdaq exchange under BAGL, after setting its offering Thursday of 5 million common shares at $18 each, below the forecasted range of $19 to $21 per share.
The offering would gross the company about $90 million, which it said would be used to pay down existing debt. Earlier announcements had estimated the offering at $125 million.
Einstein, which had traded on the Pink Sheets under its former name of New World, said all of the public shares would be sold by the company. Its majority owner, Greenlight Capital LLC, owns about 94 percent of the company and will not sell any of its shares in the offering.
The underwriters, Morgan Stanley and Cowen and Co., were granted the option to purchase an additional 750,000 shares to cover over-allotments, and the transaction is expected to close June 13, Einstein said.
Einstein operates or franchises about 600 bagel restaurants under the brand names Einstein Bros. Bagels, Noah's New York Bagels and Manhattan Bagel.
