Powerwave greenshoe exercised, raising convertibles to $200 million

New York, Dec. 1 - Powerwave Technologies said the underwriters of its recent sale of convertible subordinated notes due November 2024 exercised the $50 million over-allotment option in full, raising the size of the deal to $200 million.

The Santa Ana, Calif., supplier of end-to-end wireless solutions for wireless communications networks originally priced $150 million of the securities after the close on Nov. 4 to yield 1.875% with a 40% initial conversion premium.

Deutsche Bank was the bookrunner of the Rule 144A deal.

Proceeds from the greenshoe will be used to increase financial flexibility for possible future acquisitions and for general corporate purposes.

Powerwave used the proceeds from the initial offering to fund the purchase of $40 million of the company's common stock and also to increase financial flexibility for possible future acquisitions and for general corporate purposes

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.