Veeco $150 million convertibles talked at 3.875-4.375% yield, up 22.5-27.5

By Ronda Fears

Nashville, Tenn., Dec. 17 - Veeco Instruments Inc.'s $150 million of seven-year convertible subordinated notes are being talked to price at a yield of 3.875% to 4.375% with a 22.5% to 27.5% initial conversion premium. The Rule 144A deal, via lead manager Merrill Lynch & Co., is set to price after the close Tuesday.

The issue will be non-callable for three years. There is a $22.5 million greenshoe.

Veeco Instruments, based in Woodbury, N.Y., makes process equipment and metrology tools for the optical telecom and wireless, data storage, semiconductor and research markets. The company said proceeds would be used for general corporate purposes, including capital expenditures and possible future acquisitions.

Veeco shares closed Monday down 22c to $32.98.

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