RealNetworks $100 million convertible talked to yield 0%, up 28-33%

By Ronda Fears

Nashville, June 11 - RealNetworks Inc. launched $100 million of seven-year convertible subordinated notes early Wednesday for pricing after the close. Talk is for a yield of 0% with a 28% to 33% initial conversion premium.

Goldman Sachs & Co. is lead manager of the 144A deal.

The issue will be non-callable for five years, with a put in year five as well. There is also a 110% contingent conversion threshold.

The Seattle-based software and internet media firm said it plans to use proceeds for general corporate purposes, acquisitions and/or joint ventures and working capital.

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