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Convertibles Calendar: $1.325 billion in the market
Dec. 7
UNITI GROUP INC.:
$300 million five-year convertible notes
$45 million greenshoe
Coupon of 7% to 7.5% and initial conversion premium of 20% to 25%
Non-callable until Dec. 8, 2025, then subject to a 130% hurdle
Rule 144A
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
Cover the cost of the call spread, to fund the repurchase of the 4% notes due 2024 and for general corporate purposes
Little Rock, Ark.-based real estate investment trust
EZCORP INC.:
$175 million seven-year convertible notes
$25 million greenshoe
Coupon of 3.5% to 4% and initial conversion premium of 27.5% to 32.5%
Non-callable for four years, then subject to a 130% hurdle
Rule 144A
Morgan Stanley & Co. LLC
Repurchase a portion of its 2.875% convertible notes due 2024 and/or its 2.375% convertible notes due 2025 in privately negotiated transactions, repurchase shares from convertible note purchasers, and for general corporate purposes
Austin, Tex.-based pawn shop operator
CUTERA INC.:
$100 million seven-year convertible notes
$20 million greenshoe
Coupon of 3.75% to 4.25% and initial conversion premium of 15% to 20%
Rule 144A
Stifel Financial Corp.
Fund the cost of the call spread and for general corporate purposes, which may include potential acquisitions and strategic transactions, repurchase of common stock or exchanges of its outstanding convertible notes
Brisbane, Calif.-based cosmetic and aesthetic laser equipment maker
NEXTERA ENERGY PARTNERS LP:
$500 million 3.5-year convertible notes
Fixed coupon of 2.5%, a fixed initial conversion premium of 20% and a reoffer price of 98 to 98.25
Rule 144A
Citigroup Global Markets Inc.
Fund the cost of the call spread fund a portion of the companys acquisition of a 1,080-megawatt net interest in a renewable energy portfolio, repay borrowings under its revolving credit facility and for general corporate purposes
Juno Beach, Fla.-based clean energy company
Dec. 8
CHEFS WAREHOUSE INC.:
$250 million six-year convertible notes
$25 million greenshoe
Coupon of 2.125% to 2.625% and initial conversion premium of 27.5% to 32.5%
Non-callable for three years then subject to a 130% hurdle
Rule 144A
Jefferies LLC and BMO Capital Markets Corp.
Pay the cash portion of privately negotiated exchanges for a portion of the outstanding 1.875% convertible notes due 2024 and for general corporate purposes
Ridgefield, Conn.-based distributor of specialty food products
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