Electronics For Imaging greenshoe lifts convertibles to $150 million

By Devika Patel

Knoxville, Tenn., Dec. 6 – Underwriters for Electronics For Imaging Inc.'s offering of 2.25% five-year convertible senior notes exercised their over-allotment option in full for $15 million more of the convertibles, increasing the size of the issue to $150 million, the company said in an 8-K filed with the Securities and Exchange Commission.

As previously reported, the company sold the notes at par on Nov. 28 in a Rule 144A offering via joint bookrunners Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.

The convertibles have an initial conversion premium of 30% and a $35.70 conversion price, which equals a conversion rate of 28.0128.

The notes are convertible into cash, shares or a combination of both at the company’s option. They are contingently convertible until May 15, 2023.

Approximately $40 million of the net proceeds will be used to repurchase common stock in privately negotiated transactions.

Remaining proceeds will be used for general corporate purposes, including the repayment of the company’s 0.75% convertible notes due 2019 at maturity, acquisitions and working capital.

Electronics For Imaging is a Fremont, Calif.-based digital printing technology company.

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