Electro $125 million convertibles talked at 3.75-4.25% yield, up 27.5-32.5

By Ronda Fears

Nashville, Tenn., Dec. 17 - Electro Scientific Industries Inc.'s $125 million of five-year convertible subordinated notes are expected to price at a yield of 3.75% to 4.25% with a 27.5% to 32.5% initial conversion premium. The Rule144A deal, via lead manager Merrill Lynch & Co., is seen pricing after the close Tuesday.

The issue will be non-callable for three years.

Portland, Oregon-based Electro Scientific, which provides equipment to electronics manufacturers, plans to use proceeds for general corporate purposes, which it said could include possible future acquisitions.

Electro Scientific shares closed Monday down 7c to $33.69.

End

© 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.