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Convertibles Calendar
WEEK OF MARCH 20
TIME WARNER TELECOM INC. (Nasdaq: TWTC): $200 million of 20-year convertible senior bonds, talked to yield 2.125% to 2.625% with an initial conversion premium of 25% to 30%; greenshoe of $30 million; bookrunners Morgan Stanley, Wachovia Securities and Deutsche Bank; to price March 23 after the close; non-callable for seven years; puts in years seven, 10 and 15; no contingent conversion or contingent payment; company may settle in any combination of stock and cash; full dividend and takeover protection; proceeds will be used to call part of its 10.125% senior notes due 2011; Littleton, Colo.-based IT services company that manages data and voice networks.
BIOMARIN PHARMACEUTICAL INC. (Nasdaq: BMRN): $125 million of 7-year convertible bonds talked to yield 2.5% to 3% with an initial conversion premium of 22.5% to 27.5%; greenshoe of $18.75 million; Bookrunner is Merrill Lynch; to price March 23 after the close; non-callable for life; no puts; no contingent conversion or contingent payment; full dividend and takeover protection; proceeds will be used to fund commercialization of products, additional clinical trials, potential acquisitions and possible redemption of 3.5% convertible bonds due 2008 and callable in June; Novato, Calif.-based pharmaceutical company.
KING PHARMACEUTICALS INC. (NYSE: KG): $400 million of 20-year convertible senior notes talked at a coupon of 0.75% to 1.25% and an initial conversion premium of 20% to 25%; greenshoe of $60 million; bookrunner Citigroup, UBS Investment Group and Banc of America Securities; to price March 23 after the market closes; non-callable seven years; puts in years seven, 10 and 15; contingent conversion at 110%; contingent payment at 120%; dividend and takeover protection; net-share settlement option; proceeds to redeem or repurchase existing 2.75% convertibles due 2021, of which $345 million remain outstanding, and for general purposes; Bristol, Tenn.-based pharmaceutical company.
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