Convertibles Calendar: Navistar to price $200 million

October 7

NAVISTAR INTERNATIONAL CORP. (NYSE: NAV): $200 million of five-year convertibles; pricing late Monday; to price at 99.5; talked 4%-4.5%, up 60%-65%; Rule 144A; $30 million greenshoe; joint bookrunners J.P. Morgan Securities LLC, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC; proceeds for general corporate purposes, including funding capital expenditures and repurchasing some of its outstanding 3% senior subordinated convertible notes due 2014 in open-market and privately negotiated transactions; non-callable for three years and then provisionally callable at 130% price hurdle; net share settlement; takeover and dividend protection; Lisle, Ill.-based truck, bus, military vehicle and diesel engine maker.

October 8

BIOMARIN PHARMACEUTICAL INC. (Nasdaq: BMRN): $600 million of convertible senior subordinated notes in two tranches; $70 million greenshoe; $300 million, five-year tranche talked 0.75%-1.25%, up 32.5%-37.5%; $300 million seven-year tranche talked 1.5%-2%, up 32.5%-37.5%; registered; pricing after the market close Tuesday; joint bookrunners BofA Merrill Lynch, Goldman Sachs & Co., J.P Morgan Securities LLC and Morgan Stanley & Co. LLC; co-manager Barclays; non-callable for life, no puts; contingent conversion at 130%; net share settlement; takeover and dividend protection; Novato, Calif.-based biopharmaceutical company.

NQ MOBILE INC. (NYSE: NG): up to $150 million of five-year convertible senior notes; after the market close Tuesday; talked 3.5%-4%, up 25%-30%; Rule 144A; notes will be convertible into NQ's American Depositary Shares; $22.5 million greenshoe; joint bookrunners Morgan Stanley & Co. International plc and Deutsche Bank Securities Inc.; non-callable for three years and then provisionally callable at 130% price hurdle; put at year three; physical settlement; takeover and dividend protection; proceeds for general corporate purposes; provider of mobile internet services with dual headquarters in Dallas and Beijing.

October 10

SEASPAN CORP. (NYSE: SSW): $125 million of five-year convertible notes; registered; pricing Thursday, talked to yield 2.75%-3.25%, up 22.5%-27.5%; concurrent primary offering of 5.7 million common shares; stock borrow facility for 2.53 million shares; secondary of 300,000 shares; $18.75 million greenshoe; non-callable, no puts; of convertible notes, are non-callable with no puts; proceeds from convertibless and primary stock offering for general corporate purposes, which may include funding vessel acquisitions; Deutsche Bank Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC joint bookrunning managers; Hong Kong-based containership company.

On The Horizon

AMERICAN HOMES 4 RENT (NYSE: AMH): $100 million of perpetual convertible preferred shares; initial liquidation preference price of $25.00 per share; non-callable until Sept. 30, 2017; proceeds to repay debt, to acquire properties and for general corporate purposes; joint bookrunners Raymond James and Jefferies; NYSE listing expected; Malibu, Calif.-based real estate investment trust.

ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol ALLY; bank holding company focused on auto financing based in Detroit.

FIRST CITIZENS BANC CORP. (Nasdaq: FCZA): $25 million of perpetual convertible preferred shares; $25 per share; distribution to existing shareholders, customers and members of its communities served, and via syndication if shares remain available; placement agent Keefe, Bruyette & Woods; mandatorily convertible after six years at 120% price hurdle; proceeds to redeem series A perpetual preferred shares; to be listed on the Nasdaq; Sandusky, Ohio-based bank holding company.

SOLARCITY CORP. (Nasdaq: SCTY): $100 million of five-year convertible senior notes, downsized from $175 million; registered deal; concurrent borrowed share offering; no talk or timing; to select investors in exchange for non-disclosure agreement; via Goldman Sachs & Co., Credit Suisse Securities (USA) LLC and BofA Merrill Lynch; company is lending up to 2.8 million shares of common stock to Goldman Sachs Financial Markets LP; proceeds for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions; San Mateo, Calif., provider of clean distributed energy.

International Convertibles Calendar

OCI NV (Amsterdam: OCI); €300 million of five-year senior convertibles; par; to yield 3.375%-3.875%, up 27.5%- 32.5%; concurrent offering of €150 million of equity; €50 million greenshoe; Regulation S; joint bookrunners Barclays Bank plc and J.P. Morgan Securities plc; proceeds for general corporate purposes, including repaying debt; settlement Sept. 25; listing on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange; Netherlands-based nitrogen-based fertilizer producer and engineering & construction contractor.

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