Albany greenshoe exercised, raising convertibles to $180 million

By Lisa Kerner

Erie, Pa., March 29 - Albany International Corp. said the underwriters of its 2.25% convertible senior note offering exercised the $30 million over-allotment option in full, raising the size of the deal to $180 million.

Albany originally fixed the terms of its $150 million offering of 20-year convertible notes with a coupon of 2.25% and an initial conversion premium of 20% on March 8. Each bond may initially be converted into 22.462 Albany International shares, or an initial conversion price of $44.52 shares.

Joint bookrunners for the Rule 144A deal were JP Morgan and Banc of America Securities.

Albany, N.Y.-based Albany International makes consumable parts for paper-making machines and industrial doors.

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