Novell greenshoe exercised, raising convertibles to $600 million

Pittsburgh, July 2 - Novell Inc. said the underwriters of its recent offering of 0.5% convertible senior debentures exercised the $100 million over-allotment option in full, raising the size of the deal to $600 million.

The Waltham, Mass.-based computer networking firm originally priced $500 million of the securities after the close on June 28 to yield 0.5% with a 40% initial conversion premium.

Citigroup Global Markets Inc. was the bookrunner for the Rule 144A deal.

Novell will use proceeds for general corporate purposes, including potential future acquisitions.

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