FLIR Systems greenshoe exercised, raising convertibles to $210 million

New York, June 16 - FLIR Systems, Inc. said underwriters of its recent offering of 3% convertible senior notes due 2023 exercised the $35 million over-allotment option in full, raising the size of the deal to $210 million.

The Portland, Ore. company originally sold $175 million of the securities after the market closed on June 5 to yield 3% with a 52% initial conversion premium.

Banc of America Securities and JPMorgan were bookrunners for the Rule 144A deal.

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.

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