FXCM plans $125 million five-year convertibles; pricing midpoint talked 2.5%, up 30%

By Rebecca Melvin

New York, May 28 - FXCM Inc. launched an offering of $125 million of five-year convertible senior notes before the market open on Tuesday that was seen pricing after the market close. The deal was talked at the midpoint to yield 2.5% with an initial conversion premium of 30%, according to market sources.

The Rule 144A deal has an $18.75 million greenshoe and was being sold by joint bookrunners BofA Merrill Lynch and Credit Suisse Securities (USA) LLC, the sources said.

Syndicate sources could not be reached for comment.

Proceeds will be used to repay about $80 million of borrowings under a revolving credit facility and for general corporate purposes, including potential future acquisitions and also to pay the net cost of a call spread.

New York-based FXCM is an online provider of foreign exchange, trading and related services.

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