By Ronda Fears
Nashville, June 6 - Flir Systems Inc. sold an upsized $175 million of 20-year convertible senior unsecured notes at par to yield 3.0% with a 52% initial conversion premium. It was upped from $150 million.
Banc of America Securities and JPMorgan were joint bookrunning lead managers of the Rule 144A deal.
The issue sold at the middle of talk for a 2.75% to 3.25% yield and at the aggressive end of premium guidance of 48% to 52%.
Portland, Ore.-based Flir said it used $54.5 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.
Terms of the deal are:
Tranche A
Issuer: Flir Systems Inc.
| Issue: | Convertible senior unsecured notes
|
| Lead managers: | JPMorgan and Banc of America Securities
|
| Amount | $175 million, up from $150 million
|
| Greenshoe: | $35 million, unchanged
|
| Maturity: | June 1, 2033
|
| Coupon: | 3.0%
|
| Price: | Par
|
| Yield: | 3.0%
|
| Conversion premium: | 52%
|
| Conversion price: | $44.384
|
| Conversion ratio: | 22.5306
|
| Call: | Non-callable for 7 years
|
| Put: | In year 7
|
| Pricing date: | June 5
|
| Settlement: | June 11
|
| Distribution: | Rule 144A
|
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