Playboy greenshoe exercised, raising convertibles to $115 million

By Caroline Salls

Pittsburgh, March 22 - Playboy Enterprises Inc. said the underwriters of its recent offering of 3% convertible senior subordinated notes due 2025 exercised the $15 million over-allotment option in full, raising the size of the deal to $115 million.

Chicago-based Playboy originally priced $100 million of the securities after the close on March 9 to yield 3% with a 30% initial conversion premium.

UBS Investment Bank was the bookrunner for the Rule 144A deal.

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

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