Convertibles Calendar

MARCH 1 WEEK

BELL MICROPRODUCTS INC. (Symbol: BELM): Rule 144A $75 million of 20-year convertible subordinated notes, with $15 million greenshoe; price talk of 3.5-4.0% yield, 27.5-32.5% initial conversion premium; non-callable for 5 years, then with a 130% hurdle for 2 years; puts in years 7, 10 and 15; 110% contingent conversion trigger; San Jose, Calif.-based distributor of storage products, semiconductors and computer products, among other electronics equipment, to use proceeds to repay outstanding working capital facilities and other debt; via sole bookrunner Merrill Lynch & Co.; to price after the close Tuesday.

PSS WORLD MEDICAL INC. (Symbol: PSSI): Rule 144A; $125 million of 20-year convertible senior notes, with $25 million greenshoe; price talk of 2.25-2.75% yield, 40-45% initial conversion premium; non-callable for 5 years, with puts in years 5, 10 and 15; 120% contingent conversion trigger; 120% contingent payment trigger; sold on swap with $35 million of proceeds earmarked to buyback stock; Jacksonville, Fl.-based specialty marketer and distributor of medical products to use remaining proceeds to reduce revolver, and general corporate purposes; via sole bookrunner Goldman Sachs & Co.; to price after the close Tuesday.

ON THE HORIZON

ADVANCED SEMICONDUCTOR ENGINEERING INC.: (Symbol: ASX): $135 million of five-year convertible notes, with a $15 million greenshoe; via lead manager Goldman Sachs International; the Taiwanese semiconductor testing firm also plans to sell 60 million American Depositary Shares, which will each represent five ordinary shares with a par value of NT$10 each; timing will be as soon as the registration statement at the Securities and Exchange Commission becomes effective.

http://www.sec.gov/Archives/edgar/data/1122411/000119312503094347/df3.htm

CONSECO INC. (Symbol: CNO): $350 million of mandatory convertibles and $800 million of common stock; proceeds to take out its $859.7 million of 10.5% step-up payable-in-kind convertible preferreds, repay debt under its senior credit facility, which matures in 2009 and currently has a weighted average interest rate of 7.8%, contribute capital to insurance subsidiaries and general corporate purposes; joint bookrunners of the mandatory offering are Goldman Sachs & Co. and Morgan Stanley with JPMorgan in the syndicate; joint bookrunners of the stock offering are Goldman Sachs & Co. and Morgan Stanley with Banc of America Securities in the syndicate.

http://www.sec.gov/Archives/edgar/data/1224608/000095013704000416/c82126sv1.txt

GENWORTH FINANCIAL INC. (Symbol: GNW proposed): $600 million mandatory convertible, or equity units, with $25 par; part of General Electric Co.'s spin-off of its insurance unit Genworth Financial Inc., which would divest 30% of GE's ownership with the remaining to be sold later; GE plans to use proceeds to invest in growth initiatives and reduce parent-supported debt at GE Capital Corp.; joint lead managers are Morgan Stanley and Goldman Sachs & Co.; offerings to be completed by the end of June.

GOODYEAR TIRE & RUBBER CO. (Symbol: GT): at least $250 million of debt securities and at least $75 million of equity or equity-linked securities by Dec. 31, plus refinance its term loan and revolving credit facilities due April 2005 by Dec. 1, 2004; per a new master contract with the United Steelworkers of America.

XL CAPITAL LTD.: (Symbol: XL): at least $750 million, mostly mandatory convertibles, in the first half of 2004.

RECENT SHELF FILINGS WITH THE SEC:

HAWAIIAN ELECTRIC INDUSTRIES, INC. (Symbol: HE): $200 million shelf filed Feb. 27 for debt securities, preferred stock, common stock, stock purchase contracts, stock purchase units, and trust preferreds; securities may be issued as convertibles; Honolulu electric utility and bank holding company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1029530/000095014804000414/v96809orsv3.htm

MIDWAY GAMES INC. (Symbol: MWY): $100 million shelf filed Feb. 25 for common stock, preferred stock, warrants, rights, units and stock purchase contracts; securities may be issued as convertibles; Chicago videogame publisher will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1022080/000104746904005571/a2129480zs-3.htm

REALTY INCOME CORP. (Symbol: O): $800 million shelf filed Feb. 24 for debt securities, preferred stock and common stock; securities may be issued as convertibles; includes $113 million previously registered but unsold; Escondido, Calif. retail real estate investment trust will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/726728/000104746904005389/a2129324zs-3.htm

SCOTTISH RE GROUP LTD. (Symbol: SCT): $750 million shelf filed Feb. 24 for debt securities, ordinary shares, preferred shares, depositary shares, share purchase contracts, share purchase units and trust preferreds; securities may be issued as convertibles; Hamilton, Bermuda reinsurer of life insurance and annuities will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1064122/000089808004000114/forms3.txt

SL GREEN REALTY CORP. (Symbol: SLG): $500 million shelf filed Feb. 25 for common stock, preferred stock, depositary shares and warrants; securities may be issued as convertibles; New York real estate investment trust will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1040971/000104746904005564/a2129242zs-3.htm

© 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.