Navigant greenshoe exercised, raising convertibles to $72 million

New York, Nov. 10 - Navigant International Inc. said underwriters of its recent offering of convertible subordinated debentures exercised the $12 million greenshoe in full, raising the size of the deal to $72 million.

The Denver provider of corporate travel management services originally sold $60 million of the securities after the market closed on Nov. 3 to yield 4.875% with a 24% initial conversion premium.

Lead manager for the Rule 144A deal was Banc of America Securities.

Navigant used proceeds, together with borrowings under its new credit facility, to repay its existing $80 million principal amount of senior secured notes, which were accruing interest at 9.84%, to pay associated make-whole payment premiums and to repay the entire balance outstanding under its existing credit facility.

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