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Convertibles Calendar
JULY 7 WEEK
INDEVUS PHARMACEUTICALS INC. (Symbol: IDEV): Rule 144A; $50 million of five-year convertible senior notes, with $10 million greenshoe; price talk of 5.25-5.75% yield, 25-30% initial conversion premium; non-callable for three years, then with a 150% hurdle; dividend protection with conversion ratio adjustment; via lead manager Lehman Brothers; roadshow on the West Coast on Tuesday, New York on Wednesday, Boston on Thursday; set to price after market close Thursday; proceeds for continued development and pre-marketing activities for its lead product trospium, clinical development of other product candidates, acquisitions, working capital and general corporate purposes.
PROTEIN DESIGN LABS INC. (Symbol: PDLI): Rule 144A; $200 million of 20-year convertible subordinated notes, with $40 million greenshoe; price talk of 2.75-3.25% yield, 30-35% initial conversion premium; non-callable for five years, with put in year seven (cash only), 10 and 15 (cash and/or stock); via lead manager UBS Investment Bank; set to price after the close Tuesday; part of proceeds will be used to collateralize first three years of interest payments, up to $155 million will be used to redeem outstanding convertible notes, with remaining proceeds for acquisitions, working capital and other general corporate purposes, which includes the current expansion of manufacturing facilities.
ON THE HORIZON
VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.
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