Advanced Energy to redeem 5.25% convertibles due 2006 with stock sale proceeds

By Jennifer Chiou

New York, Aug. 12 - Advanced Energy Industries, Inc. said it will use $68.1 million of the proceeds from a stock offering for the redemption of its 5.25% convertible subordinated notes due 2006.

The Fort Collins, Colo., company said it priced 10 million shares at $9.75 per share.

Advanced Energy, a technology company, said it expects to receive a total of $92.1 million in net proceeds from the offering, which has a 1.5 million-share greenshoe.

Remaining proceeds will go towards working capital and general corporate purposes, which could include the redemption or repurchase of its 5% convertible subordinated notes due 2006.

Citigroup Global Markets Inc. is the bookrunner and is the joint lead with Lehman Brothers Inc.

Adams Harkness, Inc. and Needham & Co., LLC are co-managers.

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