Veritas greenshoe exercised, raising convertibles to $520 million

New York, Aug. 25 - Veritas Software Corp. said underwriters of its recent offering of convertible subordinated notes due 2013 exercised $20 million of the greenshoe, raising the size of the deal to $500 million.

The Mountain View, Calif. storage software company originally sold $500 million of the securities before the market opened on July 29 yield 0.25% with a 55% initial conversion premium.

The greenshoe was for up to $100 million of additional convertibles.

Goldman Sachs & Co. was bookrunner for the Rule 144A deal.

Veritas said it will use up to $250 million of proceeds to repurchase stock from purchasers of the new convertibles. Remaining proceeds will be used to redeem its outstanding 5.25% convertible due 2004 and 1.856% convertible due 2006 and for general corporate purposes.

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