By Sara Rosenberg
New York, Nov. 4 - AudioCodes Ltd. made some changes to its $100 million senior convertible notes due 2024 offering late Wednesday night, reducing the initial conversion premium to 32.5% from an originally anticipated 35% but leaving the yield at 2%, according to market sources.
Furthermore, the greenshoe was upsized to $25 million from $15 million.
Merrill Lynch & Co. and Lehman Brothers are joint bookrunners on the Rule 144A deal, with CIBC as co-manager.
The deal was re-offered on Thursday at 99, according to one source. The convertible was previously anticipated to be re-offered somewhere in the 98 to 99 range.
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
|
| Bookrunners: | Merrill Lynch, Lehman Brothers
|
| Amount: | $100 million
|
| Greenshoe: | $25 million, upsized from $15 million
|
| Maturity: | 2024
|
| Price: | Par
|
| Re-offer price: | 99
|
| Yield: | 2%
|
| Initial conversion premium: | 32.5%
|
| Conversion price: | $18.71
|
| Conversion ratio: | 53.4474
|
| Call: | After five years
|
| Put: | Years five, 10 and 15
|
| Pricing: | Nov. 3, after close
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 9
|
| Distribution: | Rule 144A
|
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