Palm Harbor Homes greenshoe exercised, raising convertibles to $75 million

Pittsburgh, June 8 - Palm Harbor Homes Inc. said the underwriters of its recent offering of 3.25% convertible senior notes due 2024 exercised the $10 million over-allotment option in full, raising the size of the deal to $75 million.

The Dallas manufacturer and marketer of multi-section manufactured and modular homes originally priced $65 million of the securities after the close on May 5 to yield 3.25% with a 38% initial conversion premium.

Citigroup Global Markets Inc. ran the books for the Rule 144A deal.

Palm Harbor will use proceeds for general corporate purposes, including repayment of obligations under the company's floor plan financing.

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