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BORDERS, INC. PLANS INITIAL PUBLIC OFFERING OF 3,600,000 SHARES OF COMMON STOCK

 BORDERS, INC. PLANS INITIAL PUBLIC OFFERING OF
 3,600,000 SHARES OF COMMON STOCK
 ANN ARBOR, Mich., Aug. 13 /PRNewswire/ -- Borders, Inc. (proposed NASDAQ: BRDS) has announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of 3,600,000 shares of its Common Stock, of which 2,700,000 shares will be newly issued Common Stock and 900,000 shares will be sold by existing stockholders. The company has also granted the Underwriters an option for 30 days to purchase up to an additional 540,000 shares solely to cover over-allotments. The offering price is estimated to be between $13 and $15 per share. The company expects to use the net proceeds from the offering to repay certain indebtedness (including indebtedness incurred to fund certain S corporation distributions), to finance new store openings and for general corporate purposes. The offering will be made through an underwriting group managed by Goldman, Sachs & Co. and Alex. Brown & Sons Incorporated.
 Borders, Inc. is the nation's leading independent book retailer specializing exclusively in large inventory superstores. Borders owns and operates 19 superstores under the name "Borders Book Shop", which are located in 14 states, primarily in the Midwest and Northeast.
 Preliminary prospectuses are not currently available. When available, copies of the preliminary prospectus relating to the offering may be obtained from Borders, Inc., 5451 South State St., Ann Arbor, Mich 48108, Attn: Richard Flanagan.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 8/13/92
 /CONTACT: Richard Flanagan of Borders, Inc., 313-995-7262/ CO: Borders, Inc. ST: Michigan IN: REA SU: OFR


KK -- CL013 -- 9713 08/13/92 14:17 EDT
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Publication:PR Newswire
Date:Aug 13, 1992
Words:367
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