Symmetricom $100 million convertible talked at 2.75%-3.25%, up 25%-30%

By Ronda Fears

Nashville, May 31 - Symmetricom Inc. launched $100 million of 20-year convertible notes Tuesday talked with a 2.75% to 3.25% coupon and 25% to 30% initial conversion premium.

Deutsche Bank Securities is lead manager of the Rule 144A deal, which is slated to price after the market close Thursday. There is a management call scheduled for 11 a.m. ET on Wednesday.

The subordinated contingent bonds will be non-callable for seven years, with puts in years seven, 10 and 15. There is full dividend and cash takeover protection.

A $20 million greenshoe is available.

San Jose, Calif.-based Symmetricom, a communications equipment maker, plans to use proceeds for working capital and general corporate purposes, which may include acquisitions.

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