| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Rambus Inc. > News item |
Morning Commentary: Rambus, Quotient deals hit market, Everbridge in pipeline
By Abigail W. Adams
Portland, Me., Nov. 15 – New issues from Rambus Inc. and Quotient Technology Inc. hit the market Wednesday with Rambus gaining 1 point in initial trading and Quotient just above par in outright trades, a market source said.
There was strong demand for Rambus’ offering of $150 million in five-year convertible notes, which priced Tuesday night with a coupon of 1.375% and an initial conversion premium of 30%.
The deal was “well oversubscribed” and generated a lot of interest, a syndicate source said.
Price talk had been for a coupon of 1.5% to 2% and an initial conversion premium of 27.5% to 32.5%.
Rambus was trading on an outright basis at 101.32, a market source said. Rambus stock was also trading up 0.72% at $14.66 early in the trading session.
Proceeds from the deal will be used for the purchase of a call spread and to repurchase up to $56.8 million of the company’s outstanding 1.125% convertible notes.
The deal has a $22.5 million greenshoe.
In a first-time offering, Quotient priced $175 million in five-year convertible notes to yield 1.75% with an initial conversion premium of 40%.
Price talk had been for a coupon of 1.5% to 2% with an initial conversion premium of 35% to 40%.
Quotient was trading just above par at 100.125 outright early in the session, according to a market source. Its stock was conversely down 2.82% to $12.05.
Everbridge Inc. plans to price $100 million in five-year convertible notes after market close in a first time issuance from the company. Price talk was for a coupon of 1.25% to 1.75% and an initial conversion premium of 22.5% to 27.5%.
© 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.