Concord prices upsized $75 million convertibles to yield 3%, up 30%

New York, Dec. 2 - Concord Communications, Inc. priced an upsized offering of $75 million convertible senior notes due 2023 to yield 3% with a 30% initial conversion premium.

The deal was increased from $65 million and came at the rich end of talk which had put the yield at 3.0% to 3.5% with a 25% to 30% initial conversion premium. Pricing was advanced by a day.

The notes convert into stock at a price of $26.87 per share.

They are callable from Dec. 2, 2008 onwards and putable on Dec. 2, 2008, 2013 and 2018.

The deal has an $11.25 million greenshoe.

Bear Stearns & Co. Inc. was lead manager for the Rule 144A offering, which priced after the close Tuesday.

Marlboro, Mass.-based Concord, a provider of software to improve application performance, will use proceeds for working capital and general corporate purposes.

© 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.