LaBranche says underwriters exercise greenshoe on convertibles, now $120 million

New York, Feb. 11 - LaBranche & Co., Inc. said the underwriters of its recent offering of mandatory convertibles exercised the over-allotment option, raising the total size to $120.004 million from $104 million.

The issue, sold through DECS Trust IX, is now made up of 3.8 million securities at $31.58 each after the addition of the 495,652 in the greenshoe.

The current and former managing directors of LaBranche who participated in the original sale also participated in the over-allotment, LaBranche said.

The DECS trade under the symbol "DXB" on the New York Stock Exchange.

The New York Stock Exchange specialist originally sold the three-year mandatory convertibles to yield 6.75% with a 20% initial conversion premium via lead manager Salomon Smith Barney. The offering priced after the market close on Feb. 4.

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