Labor Ready says $5 million of greenshoe exercised, raising convertibles to $70 million

New York, July 16 - Labor Ready, Inc. said underwriters exercised $5 million of the over-allotment option on its recent sale of 6.25% convertible subordinated notes due June 2007, raising the size of the deal to $70 million.

The Tacoma, Wash. company originally sold $65 million of the convertibles on June 14 at a yield of 6.25% and with a 21% initial conversion premium. Bookrunner for the Rule 144A sale was Lehman Brothers.

The greenshoe had been for up to $10 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.