WMS Industries $75 million convertible talked to yield 2.25-2.75%, up 15-20%

By Sara Rosenberg

New York, June 19 - WMS Industries Inc. launched $75 million of convertible subordinated notes due 2010 with talked for a 2.25% to 2.75% yield and an initial conversion premium of 15% to 20%.

CIBC is leading the Rule 144A deal, which was scheduled to price after market close on Thursday.

The notes are non-callable and non-putable.

Proceeds will be used for working capital, capital expenditures and other general corporate purposes, which may include acquisitions and repurchases of shares of common stock.

WMS is a Waukegan, Ill. designer, manufacturer and marketer of video and mechanical reel-spinning gaming machines and video lottery terminal.

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