Penson Worldwide talks $50 million five-year convertibles at 7.75%-8.25%, up 12.5%-17.5%

By Kenneth Lim

Boston, May 27 - Penson Worldwide, Inc. plans to price $50 million of five-year convertible senior unsecured notes on Thursday after the market closes with price talk at a coupon of 7.75% to 8.25% and an initial conversion premium of 12.5% to 17.5%, market sources said.

There is an over-allotment option for an additional $10 million.

J.P. Morgan Securities Inc. is the bookrunner for the Rule 144A offering.

The notes will be non-callable and may not be put.

Proceeds will be used to pay down some of the company's existing $70 million of corporate debt, to provide working capital and for other general corporate purposes.

Penson is a Dallas-based securities clearing firm.

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