Open Solutions greenshoe exercised, raising convertibles proceeds to $144 million

By Caroline Salls

Pittsburgh, Feb. 2 - Open Solutions Inc. said the underwriters of its recent offering of senior subordinated convertible notes due 2035 exercised the $18.75 million proceeds greenshoe in full, raising the deal to $144 million.

The Glastonbury, Conn., provider of software solutions to financial institutions originally priced $125.4 million proceeds of the securities after the close Jan. 27 with a 2.75% yield and 32.5% initial conversion premium.

Merrill Lynch & Co. was the bookrunner for the Rule 144A deal.

Proceeds will be used for working capital and general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.