Quotient Technology greenshoe ups 1.75% convertibles to $200 million

By Marisa Wong

Morgantown, W.Va., Nov. 28 – The initial purchasers of Quotient Technology Inc.’s recent offering of 1.75% convertible senior notes due 2022 exercised their 13-day option to purchase an additional $25 million of notes, increasing the size of the issue to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The additional notes were issued on Nov. 27.

The company had priced $175 million of the five-year convertible notes on Nov. 14 at par to yield 1.75% with an initial conversion premium of 40%.

Pricing came at the midpoint of coupon and the rich end of premium talk, as previously reported. Price talk had been for a coupon of 1.5% to 2% and an initial conversion premium of 35% to 40%, according to market sources.

Morgan Stanley & Co. LLC is the bookrunner for the Rule 144A deal.

The notes are non-callable until Dec. 5, 2020 and then provisionally callable at par if the stock trades at or above 130% of the conversion price for 20 out of 30 trading days.

There is takeover protection with holders able to exercise a put at par.

Proceeds will be used for general corporate purposes and the repurchase of stock through an existing stock repurchase program, as previously announced.

Quotient is a Mountain View, Calif.-based digital promotion, media and analytics company. This is its first issue of convertible notes.

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