ShopNBC Parent Prices Offering

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ValueVision Media, the parent of shopping network ShopNBC, said it has priced a public offering of stock, most of the proceeds of which will go to redeem preferred shares held by a unit of GE Capital.
According to documents filed with the Securities and Exchange Commission Thursday, ValueVision said it has priced about 8.25 million shares of stock at $6.25 each. The proceeds - about $51.6 million - will be used to redeem the outstanding Series B preferred shares held by GE Capital Equity Investments and for general corporate purposes. Piper Jaffray & Co. is acting as sole book-running manager, and Dougherty & Co. and Feltl and Company are acting as co-managers in the offering, which is expected to close on April 4.
ValueVision added that it has granted the underwriters a 30-day option to purchase an additional 1.2 million shares to cover over-allotments.
GE was one of the early investors in ValueVision and once held about 30% of its stock. Over the past few years, however, GE has tried to exit that position.

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