Convertibles Calendar: ProofPoint to price $150 million deal

December 5

PROOFPOINT INC. (Nasdaq: PFPT): $150 million of five-year convertible bonds; after the market close on Thursday; talked to yield 1%-1.5%, up 27.5%-32.5%; Rule 144A; $22.5 million greenshoe; via bookrunners Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.; non-callable for three years, then provisionally callable if shares rise to 130%; standard dividend and takeover protection; net share settlement; proceeds for general corporate purposes, including potential acquisitions and strategic transactions; Sunnyvale, Calif.-based security-as-a-service vendor.

On the Horizon

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.

International Convertibles

NATIONAL AUSTRALIA BANK: A$1.5 billion of floating-rate noncumulative convertible preference shares II; Bank Bill Rate plus 325 basis points; convertible or redeemable Dec. 17, 2020 or upon the occurrence of a loss absorption event; mandatorily redeemable Dec. 19, 2022 or in the event of an acquisition event; proceeds for general corporate purposes; Melbourne-based financial services company.

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