Chipotle Mexican Grill Announces Pricing of its Initial Public Offering.
Chipotle will receive net proceeds of approximately $121.4 million from the offering, which it intends to use to repay outstanding debt, to provide additional long-term capital to support the growth of its business (primarily through opening new stores), to continue to maintain its existing stores and for general corporate purposes.
Following the offering, Chipotle will remain majority owned by McDonald's. The underwriters in the offering have an overallotment option to purchase an additional 1,181,818 class A shares from McDonald's.
The offering was made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated and SG Cowen & Co., LLC. The other co-managing underwriters in the syndicate were Banc of America LLC, Citigroup, JPMorgan, Merrill Lynch & Co., A.G. Edwards, RBC Capital Markets, Suntrust Robinson Humphrey and Wachovia Securities.
Chipotle Mexican Grill offers a simple menu of burritos, tacos, burrito bols (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food with Integrity, Chipotle is seeking better food not only from a variety of fresh ingredients, but ingredients that are sustainably grown and naturally raised with respect for the animals, the land, and the farmers who produce the food. Chipotle opened its first store in 1993 and operates more than 480 stores today.
A copy of the prospectus relating to this offering may be obtained by contacting Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department or by calling 212-761-6775; or by contacting SG Cowen & Co., LLC, Prospectus Department at ADP, 1155 Long Island, Edgewood, New York 11717, or by calling 631-254-7106.
This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the class A shares 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.