ADDISON, Texas (AP) -- Fiesta Restaurant Group Inc., which owns Pollo Tropical and Taco Cabana restaurant chains, on Friday priced a secondary offering of 2.9 million shares of common stock at $24.25 per share.
The shares were offered by funds managed by Jefferies Capital Partners. The selling stockholders also gave the underwriters an option to purchase 435,000 more shares to cover overallotments.
Fiesta will not receive any proceeds from the offering. The offering is larger than original plans for a 2.5 million share offering. It is expected to close Wednesday.
Jefferies LLC, Piper Jaffray & Co., and Raymond James & Associates, Inc. are serving as joint book-running managers for the offering. Stephens Inc. is serving as co-manager for the offering.
Fiesta Restaurant Group has 251 company owned and operated restaurants and 43 franchised restaurants in the U.S. and abroad.
Fiesta shares rose 98 cents, or 4 percent, to $25.56 in morning trading.