Nuance to sell $150 million convertible debentures due 2027, talked at 2%-2.5% coupon, up 22.5%-27.5%

By Evan Weinberger

New York, Aug. 7 - Nuance Communications Inc. plans to offer $150 million in unsecured senior convertible debentures due 2027. The debentures are talked at a coupon of 2% to 2.5% and an initial conversion premium of 22.5% to 27.5%.

Citigroup and Goldman Sachs are the bookrunners for the Rule 144A transaction. There is a $30 million over-allotment option. The debentures were scheduled to price Tuesday after market close.

The bonds are non-callable until 2014. There are put options in 2014, 2017 and 2022.

There is contingent conversion subject to a 120% hurdle and there are dividend and takeover protections.

Nuance Communications is a Burlington, Mass.-based speech and imaging technology company. It plans to use part of the proceeds for its previously-announced acquisition of Tegic Communications, Inc.

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