Clarus talks $85 million six-year convertible notes to yield 3%-3.5%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., Oct. 21 – Clarus Corp. plans to price $85 million of six-year convertible notes on Thursday with price talk for a coupon of 3% to 3.5% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Jefferies LLC and Stifel, Nicolaus & Co. Inc. are bookrunners for the registered offering, which carries a greenshoe of $12.75 million.

The notes are contingently convertible until May 1, 2026.

They will be settled in cash, shares or a combination of both at the company’s option.

Proceeds will be used to repay debt under the company’s revolving credit facility and for general corporate purposes.

Clarus is a Salt Lake City-based outdoor equipment and lifestyle products company.

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