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Volcano greenshoe exercised, lifts convertible sale by $60 million
By Tali David
Minneapolis, Dec. 10 - Underwriters for Volcano Corp.'s 1.75% senior convertible note offering exercised their over-allotment option for $60 million, increasing the size of the issue to $460 million, according to an 8-K filed with the Securities and Exchange Commission.
The company priced an upsized $400 million offering on Dec. 5.
J.P. Morgan Securities LLC and Goldman Sachs & Co. were the joint bookrunners.
As previously reported, about $31.4 million of proceeds are being used to pay the cost of the hedge transactions, with up to $105 million of the proceeds going to repurchase up to $90 million of the company's outstanding 2.875% convertible senior notes due 2015.
Volcano may also use a portion of the proceeds to invest in or acquire complementary products, businesses, or technologies, while any remaining proceeds are intended for working capital and general corporate purposes.
Rancho Cordova, Calif.-based Volcano develops, manufactures and sells intravascular ultrasound and functional measurement products for vascular and structural heart disease.
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