Convertibles Calendar: Extra Space to price $250 million of convertibles

JUNE 17

EXTRA SPACE STORAGE INC, (NYSE: EXR): $250 million of 20-year exchangeable senior notes; issued by subsidiary Extra Space Storage LP; after the market close Monday; talked 2.374%, up 30%, revised from initial talk at 1.5%-2% coupon, up 30%-35%; reoffered at 98.5; Rule 144A; $37.5 million greenshoe; joint bookrunners Citigroup Global Markets Inc. and Wells Fargo Securities LLC.; non-callable for five years; puts in years five, 10 and 15; contingent exchange at 130%; net share settlement; takeover and dividend protection; proceeds to fund previously announced acquisition and to repay debt; Salt Lake City-based real estate investment trust focused on self-storage facilities.

JUNE 18

WEYERHAEUSER CO. (NYSE: WY): $500 million of mandatory convertible preferred shares; par $50 after the market close Tuesday; talked to yield 6.375%-6.875%, up 15%-20%; registered, off the shelf; $75 million greenshoe; joint bookrunners Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc.; takeover and dividend protection; mandatory conversion July 1, 2016; proceeds to finance previously announced acquisition of Longview Timber LLC and for debt repayment; Federal Way, Wash.-based timber company.

ENCORE CAPITAL GROUP INC. (Nasdaq: ECPG): $110 million of seven-year convertible senior notes; $16.5 million greenshoe; after the market close Tuesday; talked at 3%-3.5%, up 25%-30%; guaranteed by subsidiary Midland Credit Management Inc.; Rule 144A; via active bookrunners Morgan Stanley & Co. LLC and Barclays and passive bookrunners, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBS Securities Inc.; proceeds to pay a portion of the purchase price of a controlling interest in Cabot Holdings S.A.R.I. and for general corporate purposes, and to pay for capped call transactions with initial purchasers of the notes; non-callable, with no puts; San Diego-based consumer accounts receivable management firm.

International

On The Horizon

BONG AB: (Sweden: BONG): SEK 200 million of five-year convertibles; Regulation S; pricing no later than July 15; concurrent stock offerings including SEK 125 million rights issue and SEK 100 million for Holdham SA; proceeds to be used for partial repayments of current bank loans; shareholder approval meeting slated July 17; ABG Sundal Collier AB is a financial adviser, and Advokatfirman Vinge is legal adviser; Sweden-based envelope and packaging products company.

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