By Sara Rosenberg
New York, Nov. 3 - AudioCodes Ltd. priced $100 million of senior convertible notes due 2024 at par to yield 2% with a 35% initial conversion premium in an overnight deal after the close Wednesday, according to market sources.
The "pre-priced" deal, which is expected to open for trading on Thursday, may be reoffered at 98 or 99, a source said.
Merrill Lynch & Co. and Lehman Brothers are joint bookrunners on the Rule 144A deal, with CIBC as co-manager.
There is a $15 million greenshoe.
The convertible is callable after five years and there are puts in years five, 10 and 15.
There is full dividend protection and a make-whole premium under the change of control provision.
Proceeds will be used for general corporate purposes, including acquisitions.
AudioCodes is an Airport City, Lod, Israel-based voice infrastructure company.
| Issuer: | AudioCodes Ltd.
|
| Issue: | Senior convertible bonds
|
| Amount: | $100 million
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| Greenshoe: | $15 million
|
| Maturity: | 2024
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Initial conversion premium: | 35%
|
| Call: | After five years
|
| Pricing: | Nov. 3, after close
|
| Bookrunners: | Merrill Lynch, Lehman Brothers
|
| Pricing date: | Nov. 3
|
| Distribution: | Rule 144A
|
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