Airborne says greenshoe exercised, raising convertibles to $150 million

New York, March 25 - Airborne, Inc. said the underwriters of its recent offering of 5¾% convertibles senior notes due 2007 exercised in full the $25 million over-allotment option, raising the size of the deal to $150 million.

The Seattle, Wash. company originally sold $125 million of the notes after the market closed on March 19 in a Rule 144A offering via lead manager Goldman Sachs & Co. At pricing, the deal was upsized from $100 million. The convertibles came to market at a yield of 5.75% and an initial conversion premium of 24%.

Airborne said it will use proceeds to repay at maturity Airborne Express, Inc.'s $100 million of 8 7/8% notes due Dec. 15, 2002 and for general corporate purposes.

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