Hutchinson says $20 million greenshoe exercised, raising convertibles to $130 million

New York, Feb. 26 - Hutchinson Technology Inc. said underwriters of its recent offering of convertible subordinated notes due 2010 exercised the $20 million overallotment option in full, raising the deal to $150 million.

The Hutchinson, Minn. disk drive company originally priced $130 million of the notes to yield 2.25% with a 36% initial conversion premium after the market close on Feb. 18.

Salomon Smith Barney was bookrunner for the Rule 144A offering.

Proceeds will be used to redeem Hutchinson's 6% convertible subordinated notes due 2005 and for general corporate purposes.

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