FTI Consulting $125 million convertible coupon range seen emerging late Tuesday, early Wednesday

By Ronda Fears

Nashville, July 25 - Convertible market sources on the buyside were anticipating a coupon range to emerge on FTI Consulting Inc.'s $125 million convertible bonds on Monday, but that was not forthcoming.

Instead, a sellside source working on the deal said the yield guidance likely would not be circulated until late Tuesday or early Wednesday.

The offering is talked with an initial conversion premium of 27.5% to 32.5%.

Goldman Sachs and Banc of America Securities LLC are joint bookrunners of the convertible.

The six-year convertibles will be non-callable for life.

The convertible is scheduled to price Thursday after the market close. Also Thursday, the company is slated to sell $175 million of straight junk bonds.

In late April, the Annapolis, Md.-based consulting firm amended its credit facility, adding a $50 million term loan B due Sept. 30, 2008 to the previously $225 million credit structure. Those proceeds were earmarked to repay revolver borrowings, and the balance may be used for future acquisitions, stock repurchases and general working capital purposes.

FTI Consulting focuses on three areas - forensic and litigation matters, corporate finance/restructuring and economic consulting services. The stock closed Monday off 32 cents, or 1.34%, at $23.56.

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