Tech Data says greenshoe exercised, raising convertibles to $290 million

New York, Dec. 21 - Tech Data Corp. said underwriters of its recent offering of convertible subordinated debentures due 2021 exercised the $40 million over-allotment option, raising the total size to $290 million.

Tech Data originally sold $250 million of the convertibles after the market closed on Dec. 4, pricing them via bookrunner Salomon Smith Barney to yield 2% with a 25% initial conversion premium.

Proceeds will be used by the Clearwater, Fla. provider of IT products, logistics management and other services to repay borrowings on its revolving credit facility and for general corporate purposes.

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