EnerNOC offers $130 million five-year convertibles to yield 2%-2.5%, up 32.5%-37.5%

By Rebecca Melvin

New York, Aug. 11 – EnerNOC Inc. plans to price $130 million of five-year convertible senior notes after the market close on Tuesday that were talked to yield 2% to 2.5% with an initial conversion premium of 32.5% to 37.5%, according to a syndicate source.

The Rule 144A offering has a $20 million greenshoe and was being sold via Morgan Stanley & Co. LLC.

The notes are non-callable.

The company plans to use about $30 million of the proceeds to repurchase shares concurrently with the closing of the notes offering. Remaining proceeds will be used for general corporate purposes, which may include expansion of its current business through acquisitions of, or investments in, other businesses, products or services.

EnerNOC is a provider of cloud-based energy intelligence software.

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