Flir Systems $150 million overnighter talked to yield 2.75-3.25%, up 48-52%

By Ronda Fears

Nashville, June 5 - Flir Systems Inc. launched $150 million of 20-year convertible senior unsecured notes with talk putting the yield at 2.75% to 3.25% with a 48% to 52% initial conversion premium.

Banc of America Securities and JPMorgan are joint bookrunning lead managers for the overnight Rule 144A offering. Co-managers are Thomas Weisel Partners, Needham & Co. and Robertson Stephens.

The issue will be non-callable for seven years with puts in years seven and 15.

Flir said it will use up to $60 million of proceeds to purchase stock concurrently with the offering. Remaining proceeds will be used for general corporate purposes, which may include working capital, capital expenditures or acquisitions.

Flir shares closed Thursday up $1.00, or 3.55%, to $29.20.

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