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International Power greenshoe partly exercised, raising convertibles to $252.5 million
New York, Aug. 18 - International Power plc said underwriters of its recent sale of senior convertible bonds exercised $11.27 million of the over-allotment option, increased the size of the deal to $252.5 million.
The company originally sold $241.23 million of the convertibles on July 16 to yield 3.75% with a 50% initial conversion premium. The greenshoe was for up to $24.123 million.
Credit Suisse First Boston and Deutsche Bank Securities were joint lead managers for the offering.
Proceeds will be used to partially finance the potential put of the company's 2% senior convertible notes due 2005 in late November and to repay the company's $60 million eurobond due December 2003.
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