Conceptus $11.25 million greenshoe lifts notes to $86.25 million

By Jennifer Chiou

New York, Feb. 15 - Conceptus Inc. said that underwriters fully exercised an $11.25 million over-allotment option, augmenting the company's issue of 20-year convertible senior notes to $86.25 million.

The company originally priced a $75 million issue of notes on Feb. 6 at the rich end of talk at a coupon of 2.25% and an initial conversion premium of 30%.

As previously announced, the notes were offered at par. They were talked at a coupon of 2.25% to 2.75% and an initial conversion premium of 25% to 30%.

UBS Investment Bank was the bookrunner of the registered off-the-shelf offering.

The notes are non-callable for the first five years and may be put in years five, 10 and 15.

The notes have a contingent conversion trigger at 130% of the conversion price.

There is dividend protection and takeover protection in the form of a change-of-control put with a make-whole premium. The notes have net-share settlement.

Conceptus, a Mountain View, Calif.-based maker of birth control devices, said it will use the proceeds of the deal for general purposes and to fund convertible note hedge and warrant transactions.

© 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.