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Convertibles Calendar: Akamai to price $500 million of convertibles
FEBRUARY 13
AKAMAI TECHNOLOGIES INC. (Nasdaq: AKAM): $500 million of five-year convertible senior notes; $75 million greenshoe; pricing late Thursday; talked 0%-0.5%, up 42.5%-47.5%; Rule 144A; bookrunner Morgan Stanley & Co. LLC; non-callable for life; call spread; proceeds for call spread, $60 million of stock buybacks; with remaining proceeds for working capital and general corporate purposes, including potential acquisitions and other strategic transactions; Cambridge, Mass.-based content delivery and cloud infrastructure services company.
FEBRUARY 20
AMERICAN ENERGY PARTNERS LP: $500 million of seven-year convertible subordinated notes; after the market close on Feb. 20; talked to yield 3%-4%; Rule 144A; bookrunners include Jefferies LLC and Citigroup Global Markets Inc.; via affiliate American Energy - Utica LLC; proceeds to partially fund a portion of its additional leasehold acquisitions, to fund a portion of its capital expenditure plans associated with its drilling and development program, and to fund drilling-carry capital expenditures agreed under certain purchase agreements and to fund a portion of its anticipated seismic data acquisitions; Oklahoma City-based onshore U.S. unconventional resource plays.
On The Horizon
PEREGRINE PHARMACEUTICALS INC. (Nasdaq: PPHM): 10.5% series E convertible preferred stock; registered; 15% greenshoe; bookrunning manager MLV & Co. LLC; co-managers Maxim Group LLC and National Securities Corp.; proceeds for general corporate purposes; Nasdaq stock market listing planned; Tustin, Calif.-based biopharmaceutical company focused on cancer and hepatitis C treatments.
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