Convertibles Calendar: E-House to price $180 million; Trulia also on tap

December 11

E-HOUSE (CHINA) HOLDINGS LTD. (NYSE: EJ): $180 million of five-year convertibles; pricing after the market close Wednesday; talked at 2.5%-2.75% coupon, 30%-25% premium; Rule 144A and Regulation S; $20 million greenshoe; Credit Suisse Securities (USA) LLC is the initial purchaser of the notes; non-callable for life, investor put at year three; dividend and takeover protection; proceeds to repurchase shares, to pay the premium on a call option with remaining proceeds for general corporate purposes, including working capital and potential acquisitions; Shanghai-based real estate services company.

TRULIA INC. (Nasdaq: TRLA): $150 million of seven-year convertible senior notes; after the market close Wednesday; to yield 2.25%-2.75%, up 30%-35%; Rule 144A; $22.5 million greenshoe; joint bookrunners J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and RBC Capital Markets LLC; co-managers Craig-Hallum, Needham, Cantor Fitzgerald & Co., Raymond James & Associates Inc. and William Blair; non-callable for five years, then provisionally callable at 130% price hurdle; no puts; takeover protection; proceeds to repurchase shares of common stock, to repay a credit facility and for working capital and other general corporate purposes, including potential acquisitions; San Francisco-based real estate site.

December 12

ALPHA NATURAL RESOURCES INC. (NYSE: ANR): $250 million of seven-year convertibles; pricing after the market close Thursday; 4%-4.5% coupon, up 45%-50%; registered; via Barclays and potentially other bookrunners; non-callable for seven years; no puts; contingent conversion at 130%; net share settlement; takeover protected; Bristol, Va.-based coal producer.

On The Horizon

SUNEDISON INC. (Nasdaq: SUNE): $800 million of convertible senior notes in two tranches; $400 million of 2018 notes due Oct. 1, 2018; $400 million of 2012 notes due Jan. 1, 2021; Rule 144A; $80 million greenshoe for each tranche; proceeds will be used to refinance debt and for a call spread; St. Peters, Mo.-based SunEdison develops, makes and sells silicon wafers.

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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