IndyMac $150 million convertible preferreds talked at 6.0-6.5% yield, up 20-25%

By Ronda Fears

Nashville, Tenn., Nov. 7 - IndyMac Bancorp Inc. launched $150 million of 30-year convertible trust preferreds structured as warrants and income redeemable equity securities, or WIRES, on Wednesday. Price talk puts the yield in a range of 6.0% to 6.5% with a 20% to 25% initial conversion premium.

Morgan Stanley is lead manager of the registered deal, which is set to price after the close Thursday.

There is a $22.5 million greenshoe available on the offering.

Pasadena, Calif.-based IndyMac said it would use proceeds for general corporate purposes.

IndyMac stock closed down $1.36 to $25.65.

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