Guitar Center Files for 6.75-Million Share Offering

Guitar Center Inc., a retail music chain based in Agoura Hills, has filed documents with the Securities and Exchange Commission saying it will sell 6.75 million shares in an initial public offering of stock.

The company said it expects the price to be $14 to $16 per share.

The offering is expected to raise net proceeds of $92 million to be used for redemption of outstanding debt and general corporate purposes.

For the nine months that ended Sept. 30, the company’s losses were $74 million on revenue of $145 million.


Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette Securities Corp., Chase Securities Inc., Montgomery Securities, and Dain Bosworth Inc. will underwrite the offering.

There are 29 Guitar Center locations throughout the U.S.