By Sara Rosenberg
New York, May 30 - Electronics For Imaging Inc. priced $200 million convertible debentures due 2023 at par to yield 1.5% with an initial conversion premium of 42.5%.
UBS Warburg was the bookrunner for the Rule 144A deal and C.E. Unterberg Towbin and Morgan Stanley were co-managers.
There is a $40 million greenshoe.
There is hard call protection for five years then the bonds are callable at par.
There are puts in years five, 10 and 15.
There is a contingent conversion feature with a 120% threshold and a 35 basis points contingent interest payment with a 120% hurdle.
The Foster City, Calif. provider of printing and imaging solutions and services will use $58 million of the proceeds to repurchase 3,135,300 shares from one of the underwriters at $18.54 per share. The company intends to use remaining proceeds for general corporate purposes, possibly including the acquisition of complimentary businesses and technologies or to purchase additional shares.
Terms of the new deal are:
| Issuer: | Electronics For Imaging Inc.
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| Issue: | Convertible senior debentures
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| Amount: | $200 million
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| Greenshoe: | $40 million
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| Bookrunner: | UBS Warburg
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| Maturity date: | June 1, 2023
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| Coupon: | 1.5%
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| Price: | par
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| Yield: | | 1.5%
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| Conversion premium: | 42.5%
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| Conversion price: | $26.42
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| Conversion ratio: | 37.851
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| Call: | Callable after five years at par
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| Put: | In years five, 10 and 15 at par
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| Contingent conversion: | 120% or if bond trades at less than 97% of parity
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| Contingent payment: | 120%
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| Pricing date: | May 29
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| Settlement date: | June 4, 2003
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