Concur Technologies plans $350 million five-year convertibles at 0.5%-1%, up 27.5%-32.5%

By Rebecca Melvin

New York, May 28 - Concur Technologies Inc. launched an offering of $350 million of five-year convertible senior notes after the market close Tuesday that was seen pricing after the market close Wednesday. The deal was talked to yield 0.5% to 1% with an initial conversion premium of 27.5% to 32.5%, according to market sources.

The Rule 144A deal has a $52.5 million greenshoe and was being sold by joint bookrunners Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc.

The bonds will be non-callable. They have net share settlement and contingent conversion at a 130% price hurdle, as well as takeover protection and standard dividend protection.

Proceeds will be used for general corporate purposes, including potential acquisitions and strategic transactions and to pay the net cost of a call spread.

Redmond, Wash.-based Concur provides integrated travel and expense management services for companies.

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