COLUMBUS, Ohio, July 16, 2018 (GLOBE NEWSWIRE) -- The Oneida Group is pleased to announce that The Oneida Group has entered into an equity commitment agreement (the “Equity Commitment Agreement”) with its largest stockholder, Centre Lane Partners (“Centre Lane”) providing for a $50 million equity capital infusion by way of a rights offering to existing stockholders. The rights offering will be offered to all of the Company’s eligible stockholders, with Centre Lane agreeing to purchase any shares that other company stockholders do not subscribe for. The rights offering is targeted to close by the end of August 2018.
Pursuant to the Equity Commitment Agreement, Centre Lane will exercise early $7.5 million of the rights being issued to it. This $7.5 million is expected to be funded by July 20, 2018 and will be used for general working capital. The remaining proceeds from the rights offering will be used to pay down debt and is expected to enhance the company’s long-term liquidity.
“This equity commitment will strengthen our balance sheet by repaying our term debt. These funds will serve as a foundation for growth and position Oneida for the future,” said David Weinstein, Chairman of the Board.
In addition, CEO Patrick Lockwood-Taylor has tendered his resignation and he will leave his post as CEO in early August as he has accepted a role with a different industry focus. “During his tenure Patrick made numerous positive contributions to The Oneida Group and we thank him for his service,” said David Weinstein.
For more information, or to learn more about The Oneida Group, please visit, www.theoneidagroup.com.
About The Oneida Group
Driven by devotion to design, The Oneida Group (formerly EveryWare Global) is recognized for providing quality tabletop and kitchen solutions through its consumer, foodservice, and specialty channels. The company’s global platform allows it to market and distribute internationally its total portfolio of products including bakeware, beverageware, serveware, storageware, flatware, dinnerware, crystal, buffetware and hollowware; premium spirit bottles; cookware; gadgets; candle and floral glass containers; and other kitchen products, all under a broad collection of widely-recognized brands, including Oneida, Anchor Hocking, Sant’Andrea, Buffalo, Delco, Fire-King, Noritake and Buffet Euro. Anchor Hocking, LLC and Oneida Ltd. are subsidiaries of The Oneida Group. Additional information can be found at www.theoneidagroup.com, www.anchorhocking.com, www.anchorhockingbottles.com, www.oneida.com, and www.foodservice.oneida.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, the company’s securities. There will be no sale of the company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Specific instructions and disclosure materials regarding the rights offering of the company’s common stock will be sent to all stockholders in mid-July.
Media Contact: Samantha Nahra, VP Communications
The Oneida Group Inc.
740.438.9737
samantha.nahra@theoneidagroup.com