By Rebecca Melvin
New York, Nov. 14 - Safeguard Scientifics Inc. priced $50.5 million of six-year convertible senior debentures at par to yield 5.25% with a 21% initial conversion premium, according to a news release.
The debentures have a $4.5 million greenshoe and are non-callable until Nov. 15, 2016.
Proceeds of the Rule 144A offering will be used to repurchase all or some of the company's outstanding 10.125% convertible senior debentures due 2014 and for general corporate purposes.
Wayne, Pa.-based Safeguard is an information technology firm focused in the health care and life sciences industries.
| Issuer: | Safeguard Scientifics Inc.
|
| Issue: | Convertible senior debentures
|
| Amount: | $50.5 million
|
| Greenshoe: | $4.5 million
|
| Maturity: | 2018
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion premium: | 21%
|
| Conversion price: | $18.13
|
| Conversion ratio: | 55.17 shares
|
| Call: | Non-callable until Nov. 15, 2016
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 19
|
| Distribution: | Rule 144A
|
| Stock reference price: | $14.98 as of close Nov. 13
|
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