Convertibles Calendar

WEEK OF APRIL 3

CIENA CORP. (NASDAQ: CIEN): $250 million of seven-year convertible senior notes talked at a coupon of 0.125% to 0.625% with an initial conversion premium of 10% to 15%; greenshoe of $37.5 million; bookrunner is Goldman Sachs; priced at par; to price April 4 after the close; non-callable three years, callable after than at 130% of conversion price; dividend and takeover protection; proceeds will be used to buy call spread option on common stock and to possibly buy back outstanding 3.75% convertibles due 2008; Linthicum, Md.-based communications network specialist.

ANNALY MORTGAGE MANAGEMENT INC. (NYSE: NLY): $100 million of perpetual convertible preferred stock talked at a dividend of 5.75% to 6.25% with an initial conversion premium between 17.5% and 22.5%; greenshoe of $15 million; bookrunner is Merrill Lynch; par of $25; to price April 6 after the close; company's conversion option after 2011 subject to 130% threshold; full dividend and takeover protection; proceeds will be used to buy mortgage backed securities; New York-based real estate investment trust with portfolio of mortgage-backed securities.

ON THE HORIZON

RENTECH INC. (AMEX: RTK): $50 million of seven-year convertible senior notes; greenshoe of $7.5 million; Credit Suisse; callable with premium make-whole in first five years if 10-day volume weighted average price of the common stock exceeds 150% of the conversion price for at least five straight trading sessions; callable after 2011; also selling 12.5 million shares with a greenshoe for 1.875 million; Rentech, a Denver, Colo.-based developer of alternative fuel technology, will use proceeds to pay for purchase of Royster-Clark Nitrogen Inc., to fund working capital at Royster-Clark and for general corporate purposes.

© 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.