Cable Design $110 million convert talked to yield 3.5-4.0%, up 42.5-47.5%

By Ronda Fears

Nashville, June 30 - Cable Design Technologies Corp. launched $110 million of 20-year convertibles talked to yield 3.5% to 4.0% with a 42.5% to 47.5% initial conversion premium.

Credit Suisse First Boston is lead manager of the Rule 144A deal, which is scheduled to price after the market close Tuesday.

The subordinated notes will be noncallable for five years with puts in years five, 10 and 15.

There is a 110% contingent conversion trigger.

There is a $16.5 million greenshoe available.

The Pittsburgh-based network communications design firm said proceeds would be used to repay some $83 million of debt, mostly that outstanding on its bank facilities, to repurchase up to $20 million of common stock and general corporate purposes.

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