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Desktop Metal talks $150 million five-year convertible notes with coupon of 5%-5.5%, up 30%-35%
By Abigail W. Adams
Portland, Me., May 10 – Desktop Metal Inc. plans to price $150 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 5% to 5.5% and an initial conversion premium of 30% to 35%, according to a market source.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $22.5 million.
The notes are non-callable until May 20, 2025 and then subject to a 130% hurdle.
The notes will be settled in cash.
Proceeds will be used for working capital and general corporate purposes.
Desktop Metal is a Cambridge, Mass.-based designer of 3D printing systems.
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