New Issue: Symmetricom sells $100 million convertible at 3.25%, up 26%

Nashville, June 3 - Symmetricom Inc. sold $100 million of 20-year convertible notes at par to yield 3.25% with a 26% initial conversion premium via sole bookrunner Deutsche Bank Securities.

The Rule 144A deal sold at the cheap end of price talk for a 2.75% to 3.25% coupon and at the cheaper end of premium guidance of 25% to 30%.

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

Terms of the deal are:

Issuer:	Symmetricom Inc.
Issue:	Convertible subordinated notes
Bookrunner:	Deutsche Bank Securities
Amount:	$100 million
Greenshoe:	$20 million
Maturity:	June 1, 2025
Coupon:	3.25%
Price:	Par
Yield:	3.25%
Conversion premium:	26%
Conversion price:	$12.49
Conversion ratio:	80.0641
Contingent conversion:	120%
Contingent payment:	No
Dividend protection:	Yes
Takeover protection:	Yes
Call:	Non-callable for seven years
Put:	In years seven, 10 and 15
Price talk:	2.75-3.25%, up 25-30%
Pricing date:	June 2, after the close
Settlement date:	June 8
Distribution:	Rule 144A

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.