By Rebecca Melvin
New York, June 11 - Power-One Inc. priced $75 million of five-year senior secured convertible notes on Wednesday at par to yield 8% with an initial conversion premium of 19%, according to a news release.
The Rule 144A offering has a greenshoe of $5 million. Lehman Brothers was bookrunner for the deal.
The notes are non-callable until June 17, 2010 and then provisionally callable subject to a 175% price hurdle. There is a put in year three.
Proceeds are expected to be used to repay in full the company's $50.2 million loan to PWER Bridge LLC, with the balance earmarked for working capital and general corporate purposes.
Camarillo, Calif.-based Power-One is a designer and maker of power conversion and power management products.
| Issuer: | Power-One Inc.
|
| Issue: | Convertible senior secured notes
|
| Amount: | $75 million
|
| Greenshoe: | $5 million
|
| Maturity: | June 17, 2013
|
| Bookrunner: | Lehman Brothers
|
| Coupon: | 8%
|
| Price: | Par of $1,000
|
| Yield: | 8%
|
| Conversion premium: | 19%
|
| Conversion ratio: | 304.878
|
| Conversion price: | $3.28
|
| Call: | Non-callable until June 17, 2010, then provisionally callable at a 175% hurdle
|
| Puts: | In year three
|
| Pricing date: | June 11
|
| Settlement date: | June 17
|
| Distribution: | Rule 144A
|
| Stock symbol: | Nasdaq: PWER
|
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