Actuant prices $125 million to yield 2%, up 35%

New York, Nov. 4 - Actuant Corp. priced $125 million of convertible senior subordinated debentures due 2023 after the close Tuesday to yield 2.0%.

The conversion ratio is 25.0564, or $39.91 per share, the Milwaukee industrial company said. That equates to a 35% initial conversion premium over the closing stock price of $29.56.

Talk for the deal was for a yield of 2.0%-2.5% with a 30%-35% initial conversion premium.

The Rule 144A offering has a $25 million greenshoe.

Wachovia Securities is bookrunner of the deal. Goldman Sachs & Co. is co-manager.

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