Convertibles Calendar: Five9, Teladoc, AXA on tap

May 3:

FIVE9 INC.:

• $200 million of five-year convertible notes

• Price talk for a coupon of 0% to 0.125% and an initial conversion premium of 30% to 35%

• J.P. Morgan Securities LLC and Goldman Sachs & Co.

• Rule 144A

• Greenshoe of $30 million

• Non-callable for three years then subject to a 130% hurdle with a make-whole

• Proceeds to cover the cost of the call spread, to repay debt and for general corporate purposes

• San Ramon, Calif.-based provider of cloud contact center software

TELADOC INC.:

• $225 million of seven-year convertible notes

• Price talk for a coupon of 0.875% to 1.375% and an initial conversion premium of 27.5% to 32.5%

• Jefferies & Co., J.P. Morgan Securities LLC and Piper Jaffray & Co.

• Rule 144A

• Greenshoe of $33.75 million

• Non-callable until May 22, 2022 then subject to a 130% hurdle with a make-whole

• Proceeds for working capital and general corporate purposes, including the pursuit of strategic acquisitions

• Purchase, N.Y.-based provider of virtual health care delivery services

May 9:

AXA SA:

• $750 million of three-year bonds mandatorily exchangeable for AXA Equitable Holdings, Inc. stock

• Price talk for a coupon of 6.75% to 7.25% and an initial exchange premium of 17.5% to 22.5%

• Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Barclays and Citigroup Global Markets Inc.

• Rule 144A

• Greenshoe of $112.5 million

• Proceeds to help fund AXA’s acquisition of XL Group Ltd.

• Concurrent IPO offering from AXA Equitable Holdings for 137.25 million shares at $24.00 to $27.00 per share

• AXA Equitable is a New York-based financial services company with two divisions, AXA Equitable Life and AllianceBernstein

• AXA SA is a Paris-based insurance company.

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