NII Holdings $300 million 20-year convertibles launched at 2.25%-2.75% yield, up 30%-35%

By Rebecca Melvin

Princeton, N.J., Aug. 9 - NII Holdings, Inc. launched a $300 million offering of 20-year convertible notes talked to yield 2.25% to 2.75% with an initial conversion premium of 30% to 35%.

The Rule 144A notes via sole bookrunner Goldman Sachs were expected to price before the open Wednesday.

There is a $50 million greenshoe.

The notes are non-callable for five years and are putable in years 5, 7, 10 and 15.

Dividend protection is in the form of a conversion ratio adjustment if the company initiates a cash dividend.

Based in Reston, Va., NII provides digital wireless communication services in Latin America.

NII intends to use proceeds mostly for general corporate purposes, which may include expansion of its existing network, either through capital expenditures for internal expansion or acquisitions of other operators, refinancing or repayment of outstanding debt, or other purposes.

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