By Abigail W. Adams
Portland, Me., Aug. 11 – WisdomTree Investments Inc. priced a $25 million tap of its 4.25% convertible notes due 2023 at 101 to yield 4.215% prior the market open on Tuesday, according to a company news release.
Oppenheimer & Co. Inc. was bookrunner for the Rule 144A offering.
The notes will form a single unit with the 4.25% convertible notes due 2023 that were issued on June 16.
The notes are callable after June 20, 2021 subject to a 130% hurdle. They are putable upon a fundamental change.
Net proceeds from the add-on are expected to be $24.2 million.
Approximately $4.4 million of the net proceeds will be used to repurchase shares from purchasers of the notes at a price of $4.27 a share, according to the news release.
Remaining proceeds will be used for working capital and general corporate purposes.
The add-on raises the total principal amount of the issue to $175 million.
WisdomTree is a New York-based asset manager.
| Issuer: | WisdomTree Investments Inc.
|
| Securities: | Convertible senior notes add-on
|
| Amount: | $25 million
|
| Maturity: | June 15, 2023
|
| Bookrunner: | Oppenheimer & Co. Inc.
|
| Coupon: | 4.25%
|
| Price: | 101
|
| Yield: | 4.215%
|
| Conversion price: | $5.92
|
| Conversion rate: | 168.9189
|
| Call options: | Non-callable until June 20, 2021 then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Aug. 11
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| Settlement date: | Aug. 13
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| Distribution: | Rule 144A
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| Total amount: | $175 million, including $150 million priced previously
|
| Stock symbol: | Nasdaq: WETF
|
| Stock price: | $4.27 at market close Aug. 10
|
| Market capitalization: | $641.51 million
|
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