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Horsehead to price $80 million six-year convertible notes to yield 3.375%-3.875%, up 31%-36%
By Rebecca Melvin
New York, July 21 - Horsehead Holding Corp. planned to price $80 million of six-year convertible senior notes after the market close Thursday that were talked to yield 3.375% to 3.875% with an initial conversion premium of 31% to 36%, according to a syndicate source.
The Rule 144A offering has a $20 million greenshoe and was being sold via bookrunner Stifel Nicolaus & Co. Inc., with co-managers Canaccord, Genuity Corp., KeyBanc Capital Markets LLC and PNC Capital Markets LLC.
The notes are non-callable for life and have no holder puts. The notes feature contingent conversion subject to a 130% price hurdle. They can be settled in cash or stock at the company's option.
Proceeds will be used, together with cash on hand, for construction of a new zinc facility and for general corporate purposes, including working capital, investment in business initiatives, capital expenditures and acquisitions.
Horsehead is a Pittsburgh-based producer of specialty zinc and zinc products.
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