Tech Data greenshoe exercised, raising 2.75% convertibles to $350 million

By Lisa Kerner

Charlotte, N.C., Jan. 2 - Tech Data Corp. said its underwriters exercised their over-allotment option in full for an additional $25 million of 2.75% convertible senior debentures due 2026, raising the total of debentures to $350 million, according to a news release.

Net proceeds from the sale of the debentures will be used to repay short-term debt and for general corporate purposes.

Banc of America was bookrunner for the registered off-the-shelf offering, which priced before the open on Dec. 15.

The debentures have a contingent conversion hurdle at 135% of the $54.26 conversion price. In addition, they are non-callable for the first five years and may be put in years five, 10 and 15.

Tech Data, based in Clearwater, Fla., distributes information technology products and logistics management services.

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