New Issue: Navigant $60 million convertible yields 4.875%, up 24%

By Ronda Fears

Nashville, Nov. 4 - Navigant International Inc. sold $60 million of 20-year convertible notes talked to yield 4.875% with a 24% initial conversion premium via lead manager Banc of America Securities.

The Rule 144A deal sold at the aggressive end of yield talk of 4.75% to 5.25% and at the middle are of premium guidance of 20% to 27%.

The Englewood, Colo.-based provider of corporate travel management services said the convertible offering is part of a refinancing package that also includes a new $170 million senior secured credit facility.

Navigant said it has executed a credit agreement with a number of financial institutions for the senior secured facility, which is effective only upon the closing of other elements of the refinancing and the payment in full of its senior secured notes, including a make-whole payment of about $12.5 million.

Terms of the deal are:

Issuer:	Navigant International Inc.
Issue:	Convertible subordinated notes
Lead manager:	Banc of America Securities
Co-managers:	McDonald, ABN-Amro, Bank of Nova Scotia, Unterberg and Wells Fargo
Amount:	$60 million
Greenshoe:	$12 million
Maturity:	Nov. 1, 2023
Coupon:	4.875%
Price:	Par
Yield:	4.875%
Conversion premium:	24%
Conversion price:	$16.55
Conversion ratio:	60.4084
Contingent conversion:	120%
Call:	Non-callable for 7 years
Put:	In years 7, 10 and 15
Price talk:	4.75-5.25%, up 20-27%
Pricing date:	Nov. 3, after the close
Settlement date:	Nov. 7
Distribution:	Rule 144A

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