Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for Danimer Scientific, Inc. > News item |
Danimer Scientific talks $175 million five-year convertibles to yield 3%-3.5%, up 25%-30%
By Abigail W. Adams
Portland, Me., Dec. 16 – Danimer Scientific, Inc. plans to price $175 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 3% to 3.5% and an initial conversion premium of 25% to 30%, according to a market source.
Jefferies LLC, Piper Sandler Co. and Cowen Inc. are bookunners for the Rule 144A offering, which carries a greenshoe of $26.25 million.
The notes are non-callable until Dec. 20, 2024 and then subject to a 130% hurdle.
The notes will be settled in cash, shares of the company’s class A common stock or a combination of both at the company’s option.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to cover the cost of the call spread and for general corporate purposes.
If the greenshoe is exercised, the proceeds will be used for additional capped call transactions.
Danimer Scientific, formerly known as Meredian Holdings Group Inc. and MHG, is a Bainbridge, Ga.-based biopolymer manufacturer.
© 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.