Electronics For Imaging to price $300 million five-year convertibles to yield 0.5%-1%, up 25%-30%

By Rebecca Melvin

New York, Sept. 2 – Electronics For Imaging Inc. plans to price $300 million five-year convertible senior notes after the market close Wednesday that were talked to yield 0.5% to 1% with an initial conversion premium of 25% to 30%, according to a syndicate source.

The Rule 144A deal has a $45 million greenshoe and was being sold via Morgan Stanley & Co. LLC and Goldman Sachs & Co.

The notes are non-callable.

A portion of the proceeds will be used to pay the net cost of convertible note hedge and warrant transactions, or a call spread, which is being transacted concurrently with the sale of the notes.

Proceeds will also be used to repurchase up to $10 million shares of common stock. Remaining proceeds will be used for general corporate purposes, including additional stock repurchases and potential acquisitions and strategic transactions.

The Fremont, Calif.-based company is a printing devices company.

© 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.