Hagemeyer greenshoe exercised, raising convertibles to €135 million

By Caroline Salls

Pittsburgh, Feb. 25 - Hagemeyer NV said the underwriters of its recent offering of 3.5% subordinated convertible bonds due 2012 exercised the €15 million over-allotment option in full, raising the size of the deal to €135 million.

The Naarden, Netherlands, supplier of electrical materials and safety and maintenance and repair products originally priced €120 million of the securities Feb. 24 to yield 3.5% with a 33% initial conversion premium.

ABN AMRO Rothschild was lead manager of the offering, which was not sold publicly in the United States.

Proceeds will be used to repay part of the company's senior debt.

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