Layne Christensen plans $75 million offering of five-year convertibles

By Jennifer Chiou

New York, Nov. 4 - Layne Christensen Co. announced that it intends to offer $75 million of convertible senior notes due Nov. 15, 2018 through Jefferies.

According to a news release, the offering is subject to market and other conditions.

The company said it expects to have a $15 million greenshoe.

The notes will be convertible into cash, company shares or a combination of the two.

Prior to May 15, 2018, the notes will be convertible only if certain conditions are satisfied. After that period, the notes will be freely convertible.

Proceeds from the planned offering are earmarked for repayments under Layne Christensen's revolving credit facility.

The Mission Woods, Kan.-based issuer provides drilling, water treatment and construction services.

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