Convertibles Calendar: Depomed, Electronics For Imaging, Clovis on tap

SEPTEMBER 3

DEPOMED INC.:

• $230 million convertible senior notes

• $34.5 million greenshoe

• Matures Sept. 1, 2021

• Price talk 2.625%-3.125%, up 30%-35%

• Registered, off the shelf

• Pricing late Wednesday

• Joint bookrunners Morgan Stanley & Co. LLC and RBC Capital Markets LLC

• Proceeds for working capital and other general corporate purposes

• Non-callable for five years, then provisionally callable at 130%

• Newark, Calif.-based specialty pharmaceutical company

• Nasdaq: DEPO

ELECTRONICS FOR IMAGING INC.:

• $300 million convertible senior notes

• $45 million greenshoe

• Matures Sept. 1, 2019

• Price talk 0.5%-1%, up 25%-30%

• Rule 144A

• Pricing late Wednesday

• Joint bookrunners Morgan Stanley & Co. LLC and Goldman Sachs & Co.

• Coming with a call spread

• Proceeds to pay the call spread, repurchase $10 million of stock and for general corporate purposes, including additional stock repurchases and potential acquisitions

• Non-callable

• Fremont, Calif.-based printing devices company

• Nasdaq: EFII

CLOVIS ONCOLOGY INC.:

• $200 million convertible senior notes

• $30 million greenshoe

• Matures Sept. 15, 2021

• Price talk 2.5%-3%, up 32.5%-37.5%

• Rule 144A

• Pricing late Wednesday

• Joint bookrunners J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC

• Proceeds for general corporate purposes, including funding of Clovis’ development programs, payments of milestones and general and administrative expenses, potential acquisitions and working capital

• Non-callable for four years, then provisionally callable via 150% price hurdle

• Boulder, Colo.-based biopharmaceutical company

• Nasdaq: CLVS

SEPTEMBER 4

HURON CONSULTING GROUP INC.:

• $225 million convertible senior notes

• $25 million greenshoe

• Matures Oct. 1, 2019

• Price talk 0.75%-1.25%, up 27.5%-32.5%

• Rule 144A

• Pricing late Thursday

• Joint bookrunners BofA Merrill Lynch and J.P. Morgan Securities LLC

• Senior co-manager RBC Capital Markets LLC

• Co-managers BMO Capital Markets Corp., KeyBank Capital Markets LLC, PNC Capital Markets LLC and BBVA

• Call spread

• Proceeds to pay the cost of the call spread, buying back shares, working capital, and general corporate purposes

• Non-callable; no puts

• Chicago-based operational and financial consulting services company

• Nasdaq: HURN

On The Horizon

HSBC HOLDINGS PLC:

• Perpetual subordinated contingent convertibles

• Minimum denomination $200,000

• Rate reset at mid-market swap rate, and then resets every five years

• Callable after first reset date

• HSBC is bookrunning manager

• Application is being made to list the securities on the Irish Stock Exchange

• Proceeds for general corporate purposes and to strengthen bank’s capital base pursuant to regulation requirements

• London-based financial services company

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