Telvant greenshoe exercised; convertibles deal closes at $200 million

By Marisa Wong

Milwaukee, April 19 - Telvent GIT SA announced that the underwriters of its recent offering of 5.5% senior subordinated convertible notes due 2015 exercised the $25 million over-allotment option in full, increasing the total size of the offering to $200 million. The Rule 144A offering closed on Monday, according to a news release.

Telvent priced $175 million of five-year convertibles on April 6 to yield 5.5% with an initial conversion premium of 22.5%.

RBS Global Banking & Markets and Barclays Capital were the joint bookrunners, with ING and Canaccord acting as co-managers.

Proceeds will be used by its subsidiary Telvent DTN to repay a credit agreement in full and by Telvent for general corporate purposes.

Telvent is an information technology company based in Madrid.

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