2014

Express Announces Pricing of Its Initial Public Offering

COLUMBUS, Ohio, May 12 /PRNewswire-FirstCall/ -- Express Inc. (NYSE: EXPR) ("Express") today announced the pricing of its initial public offering of 16,000,000 shares of common stock at a price of $17.00 per share. The shares will be listed on the New York Stock Exchange and will trade under the symbol "EXPR" beginning on May 13, 2010. Express is offering 10,500,000 shares of common stock and selling shareholders are offering 5,500,000 shares of common stock. The underwriters have an option to purchase up to an additional 2,400,000 shares from the selling shareholders.

Express expects to receive net proceeds of approximately $166.9 million from the offering and intends to use the net proceeds together with $15.3 million of cash on hand to prepay all of the outstanding indebtedness under the credit facility of its wholly-owned subsidiary, Express Topco LLC, to pay accrued and unpaid interest and prepayment penalties, and to pay other transaction fees and expenses. Any remaining net proceeds will be used for general corporate purposes.

BofA Merrill Lynch and Goldman Sachs & Co. are acting as joint book-running managers for the proposed offering.

A registration statement relating to shares of the common stock of Express has been declared effective by the Securities and Exchange Commission. The offering is being made only by means of the written prospectus forming part of the effective registration statement. A copy of the final prospectus related to the offering, when available, may be obtained by contacting: BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department, or email Prospectus.Requests@ml.com; or, Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, Telephone: 1-866-471-2526, Facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Express

Express is the sixth largest specialty retailer of women's and men's apparel in the United States. The Company has 30 years of experience offering a distinct combination of fashion and quality for multiple lifestyle occasions at an attractive value.  Express operates more than 550 retail outlets in high-traffic shopping malls, lifestyle centers and street locations across the United States.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements include but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes" and variations of such words or similar expressions that predict or indicate future events, or that do not relate to historical matters.  These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control.  There can be no assurance that our beliefs or expectations will be achieved. Actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory factors.

SOURCE Express Inc.




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