Convertibles Calendar

WEEK OF OCT. 2

FOREST CITY ENTERPRISES INC. (NYSE: FCEA, FCEB): $250 million five-year putable equity-linked senior notes; Goldman Sachs (books); Rule 144A; $37.5 million greenshoe; non-callable for life, may be put at a rate equal to a number of shares of Forest City's class A common stock; Cleveland-based real estate developer will use proceeds to fund note hedge and warrant transactions, to buy back up to $25 million of class A common stock, to repay recourse debt outstanding under revolver and for general corporate purposes; talked at a coupon of 3.125% to 3.625% and an initial conversion premium of 25% to 30%; to price Wednesday after the close.

LECROY CORP. (Nasdaq: LCRY): $60 million 20-year convertible senior notes; Cowen & Co. (books); Rule 144A; $9 million greenshoe; non-callable for five years, puts in years five, 10 and 15; contingent conversion hurdle at 120%; Chestnut Ridge, N.Y.-based communications test equipment company will use proceeds to repay $32 million of term debt, to buy back up to $10 million of stock and to partially repay a revolving loan drawn down to fund the acquisition of Catalyst Enterprises Inc.; pricing Thursday after the close; talked at a coupon of 4% to 4.5% and an initial conversion premium of 20% to 25%.

WORLD ACCEPTANCE CORP. (Nasda: WRLD): $100 million five-year convertible senior subordinated notes; Jefferies & Co., BMO (joint books); Rule 144A; $10 million greenshoe; non-callable, no puts; Greenville, S.C.-based consumer finance company will use $8.7 million of proceeds to enter into convertible note hedge and warrant transactions; proceeds also to buy back up to $50 million of common stock and to repay part of senior secured revolving loan; pricing Tuesday after the close.

ON THE HORIZON

GOL LINHAS AEREAS INTELIGENTES SA (NYSE: GOL): $100 million offering of 20-year convertible senior unsecured notes; pricing expected after registration is approved; Morgan Stanley is bookrunner; also concurrent primary offering of 2.5 million preferred shares and offer of convertible debentures in Brazil; greenshoe for $15 million; non-callable for five years; puts in years five, 10 and 15; contingent conversion at 120%; Sao Paulo, Brazil-based low cost airline carrier will use proceeds to buy aircraft, equipment and materials.

© 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.