Nashville, Aug. 7 - Artesyn Technologies Inc. sold $75 of 10-year convertible notes at par to yield 5.5% with a 28% initial conversion premium via sole bookrunner Lehman Brothers.
The Rule 144A issue priced wider than guidance that put the yield at 4.75% to 5.25%, and at the cheap end of premium talk of 28% to 32%.
Proceeds will be used to repay its $50 million subordinated convertible note, working capital and general corporate purposes.
Artesyn is a Boca Raton, Fla. provider of power conversion equipment and real-time subsystems to the communications industry.
Terms of the new deal are:
Issuer: Artesyn Technologies Inc.
| Issue: | Convertible senior subordinated notes
|
| Lead manager: | | Lehman Brothers
|
| Co-manager: | Stephens
|
| Amount | $75 million
|
| Greenshoe: | $15 million
|
| Maturity: | Aug. 15, 2010
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Conversion premium: | 28%
|
| Conversion price: | $8.06
|
| Conversion ratio: | 124.0079
|
| Call: | Non-callable for 5 years
|
| Price talk: | 4.75-5.25%, up 28-32%
|
| Pricing date: | Aug. 7, after the close
|
| Settlement: | Aug. 13
|
| Distribution: | Rule 144A
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
