Regis greenshoe exercised, lifts 5% convertibles to $172.5 million

By Devika Patel

Knoxville, Tenn., July 17 - Underwriters for Regis Corp.'s offering of 5% five-year convertible senior notes exercised their over-allotment option in full for $22.5 million more of the notes, increasing the size of the issue to $172.5 million, the company said in a press release.

As previously reported, the company sold the notes at par on July 8, after the close, in a registered offering via joint bookrunners Merrill Lynch & Co. and Credit Suisse Securities (USA) LLC.

The convertibles have an initial conversion premium of 25%. They have a conversion rate of 64.6726, which equals an initial conversion price of $15.46.

The convertible notes are non-callable for life and have no puts. Conversion is via cash, stock or a combination.

Proceeds will be used to repay debt and for general corporate purposes.

Minneapolis-based Regis is a hair care salon franchise company.

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