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Convertibles Calendar: Heritage deal on deck
Thursday, Aug. 10
HERITAGE INSURANCE HOLDINGS INC:
$125 million of convertible senior notes due Aug. 1, 2037
15% over-allotment option
Price talk 5.375%-5.875%, up 30%-35%
Citigroup Global Markets Inc. (bookrunner)
Non-callable for five years, unless the NBIC acquisition is not completed by June 2018
Putable in years five, 10, and 15
Proceeds will be used to fund the $210 million acquisition of NBIC Holdings Inc.
Clearwater, Fla.-based reinsurance company
On The Horizon
FARMLAND PARTNERS INC:
Series B participating preferred stock
$25 liquidation preference, subject to increase by farmland value appreciation (FVA) until Sept. 30, 2024
Raymond James & Associates Inc. and Jefferies LLC (bookrunners)
Redeemable on or after Sept. 30, 2021
Proceeds will be contributed to the companys operating partnership in exchange for series P participating preferred units. The partnership will use the funds for future acquisitions of farmland and for general corporate purposes.
Denver-based real estate investment trust
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