Convertibles Calendar

JAN. 29 WEEK

KYPHON INC. (Nasdaq: KYPH): $350 million five- and seven-year convertible senior notes in two equal tranches; Goldman Sachs, JP Morgan, Banc of America (joint books); Rule 144A; $25 million greenshoe per tranche; non-callable, no puts; Sunnyvale, Calif., maker of spinal medical devices will use proceeds to retire part of a $425 million term loan used to buy St. Francis Medical Technologies; also to fund convertible hedge and warrant transactions; pricing Wednesday after the closes; five-years talked at a coupon of 0.75% to 1.25%, seven-years talked at a coupon of 1% to 1.5%; initial conversion premium talked at 20% to 25% for both tranches.

SUNPOWER CORP. (Nasdaq: SPWR): $130 million 20-year convertible senior unsecured notes; Lehman Brothers, Credit Suisse (joint books); off shelf; $19.5 million greenshoe; non-callable for five years; puts in years five, 10 and 15; contingent conversion at 125%; San Jose, Calif., maker of solar electric power products will use proceeds for general purposes; pricing Thursday after the close; talked at a coupon of 1.25% to 1.75% and an initial conversion premium of 25% to 30%.

TRICO MARINE SERVICES INC. (Nasdaq: TRMA): $125 million 20-year convertible senior debentures; Lehman Brothers; Rule 144A; $25 million greenshoe; non-callable for five years, puts in years five, 10 and 15; contingent conversion at 125%; Houston provider of marine support vessels for the oil and gas industry will use proceeds for general purposes; pricing Thursday after the close; talked at a coupon of 2.75% to 3.25% and an initial conversion premium of 35% to 40%.

FEB. 5 WEEK

INVACARE CORP. (NYSE: IVC): $125 million 20-year senior subordinated convertible notes (B3/CCC+); Bank of America; Rule 144A/Regulation S; part of debt recapitalization that also includes a senior secured revolving loan and term loans; Elyria, Ohio-based maker of non-acute health care products.

NEWPORT CORP. (Nasdaq: NEWP): $150 million five-year convertible subordinated notes; Merrill Lynch; Rule 144A; $25 million greenshoe; non-callable, no puts; contingent conversion at 120%; Irvine, Calif., maker of lasers, photonics and precision products will use $48.2 million of proceeds to pay off debts owed to Thermo Electron Corp. and $40 million to buy back common stock; remaining proceeds for working capital and general purposes; pricing Monday after the close; talked at a coupon of 2.5% to 3% and an initial conversion premium of 22.5% to 27.5%.

ON THE HORIZON

STANLEY WORKS (NYSE: SWK): equity-linked convertible debt to help finance acquisition of HSM Electronic Protection Services, Inc. from private investors for $545 million in cash; also to be funded with available cash and debt, including a $500 million credit agreement via Citigroup Global Markets Inc.

© 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.