Actuant greenshoe exercised, raising convertibles to $150 million

New York, Nov. 7 - Actuant Corp. said the underwriters of its offering of convertible senior subordinated debentures due 2023 exercised the $25 million over-allotment option in full, raising the size of the deal to $150 million.

The Milwaukee manufacturer and marketer of industrial products and systems originally sold $125 million of the securities after the market closed on Nov. 4 to yield 2.0% with a 35% initial conversion premium.

Wachovia Securities was bookrunner for the Rule 144A deal.

Actuant said proceeds would be used to repay a portion of borrowings under its senior credit facility and for other general corporate purposes, which may include possible repurchases of its 13% senior subordinated notes due 2009, working capital and possible acquisitions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.