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Per-Se Technologies $100 million convertible talked to yield 3.0%-3.5%, up 38%-43%
By Ronda Fears
Nashville, June 22 - Per-Se Technologies Inc. launched after the closing bell Tuesday $100 million of 20-year convertible notes talked to yield 3.0% to 3.5% with a 38% to 43% initial conversion premium, with $25 million of proceeds earmarked to buy back stock sold short by note buyers.
Banc of America Securities is bookrunner of the Rule 144A deal, which is slated to price after the close Thursday.
The issue will be non-callable for five years and will have puts in years five, 10 and 15. There also is a 130% contingent conversion trigger.
A $25 million greenshoe is available.
After the stock buyback, the company said that, with cash on hand plus funds available on its bank revolver, it would retire its $118.8 million term loan B.
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