TechTarget talks $360 million five-year convertible notes to yield 0%-0.25%, up 32.5%-37.5%

By Abigail W. Adams

Portland, Me., Dec. 8 – TechTarget, Inc. plans to price $360 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 0% to 0.25% and an initial conversion premium of 32.5% to 37.5%, according to a market source.

J.P. Morgan Securities LLC (lead left), Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. are bookrunners for the Rule 144A deal, which carries a greenshoe of $54 million.

The notes will be settled in cash, shares or a combination of both at TechTarget’s option.

Proceeds will be used to repurchase or exchange for cash and shares a portion of the company’s 0.125% convertible notes due 2025 in privately negotiated transactions.

Remaining proceeds will be used for general corporate purposes, which may include repayment or further repurchases of outstanding debt, common stock repurchases, and future acquisitions.

TechTarget is a Newton, Mass.-based marketing and sales and service provider for tech companies.

© 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.