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Published on 12/17/2013 in the Prospect News Convertibles Daily.

Convertibles Calendar: Spectrum to price $100 million

December 17

SPECTRUM PHARMACEUTICALS INC. (Nasdaq: SPPI): $100 million of five-year convertibles; after the market close Tuesday; talked to yield 2.25%-2.75%, up 27.5%-32.5%, Rule 144A; $20 million greenshoe; via joint bookrunners Jefferies LLC and RBC Capital Markets LLC; co-managers HC Wainwright and JMP Securities; contingent conversion; net-share settlement; non-callable; dividend and takeover protection; call spread; proceeds for call spread and general corporate purposes; Irvine, Calif.-based cancer-drug developer.

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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