Concord Communications $65 million convertible talked at 3.0-3.5%, up 25-30%

By Ronda Fears

Nashville, Dec. 1 - Concord Communications Inc. launched $65 million of 20-year convertible notes talked to yield 3.0% to 3.5% with a 25% to 30% initial conversion premium via lead manager Bear Stearns & Co. Inc.

The Rule 144A deal is set to price after the close Wednesday.

The senior notes will be non-callable for five years with puts in years five, 10 and 15. There is a 120% contingent conversion trigger.

Holders will have full dividend protection.

There is a $10 million greenshoe available.

The Marlboro, Mass.-based energy firm said proceeds would be used for working capital, general corporate purposes and potential acquisitions.

Concord shares closed Monday up 46 cents, or 2.08%, to $22.56.

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