National Financial greenshoe exercised, upping convertibles to $230 million

By Angela McDaniels

Seattle, Jan. 19 - National Financial Partners Corp. said the underwriters of its offering of 0.75% convertible senior notes due 2012 exercised their $30 million over-allotment option in full, raising the size of the deal to $230 million.

The company originally sold $200 million of the convertibles via bookrunners Goldman Sachs and UBS Investment Bank after the close on Wednesday.

The notes were offered at par and talked at a coupon of 0.25% to 0.75% and an initial conversion premium of 20% to 25%.

Some National Financial Partners common stockholders sold 1.6 million share of common stock at $46.35 per share concurrently with the convertibles offering and sold an additional 241,265 shares concurrently with the exercise of the greenshoe, bringing the total number of shares sold to 1.85 million.

National Financial Partners, a New York-based financial services provider, said it will use the proceeds for the deal to buy back 2.3 million of its common shares from Apollo Investment Fund IV LP and Apollo Overseas Partners IV LP. The proceeds will also fund convertible note hedge and warrant transactions and pay down existing debt.

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