Versatel greenshoe exercised, raising convertibles to €125 million

Pittsburgh, Sept. 21 - Versatel Telecom International NV said the underwriters of its recent offering of unsubordinated convertible bonds due 2011 exercised the €25 million over-allotment option in full, raising the size of the deal to €125 million.

The Amsterdam-based telecommunications company originally priced €100 million of the securities after the close on Sept. 17 to yield 3.875% with a 28% initial conversion premium.

JP Morgan was the bookrunner for the deal, which was offered only to institutional investors.

Versatel will use proceeds for general corporate purposes including acquisitions in its key markets.

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