By Rebecca Melvin
New York, Aug. 13 – EnerNOC Inc. priced an upsized $160 million of five-year convertible senior notes after the market close Tuesday at par to yield 2.25% with an initial conversion premium of 40%, according to a news release.
The Rule 144A deal was initially talked at $130 million in size. Pricing came at the midpoint of 2% to 2.5% coupon talk and beyond the rich end of 32.5% to 37.5% premium talk.
There is a $20 million greenshoe for the deal that was sold via bookrunner 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 working capital, additional repurchases of common stock and other 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.
| Issuer: | EnerNOC Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $160 million, upsized from $130 million
|
| Greenshoe: | $20 million
|
| Maturity: | Aug. 15, 2019
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Co-managers: | Pacific Crest Securities LLC, Raymond James & Associates Inc., Robert W. Baird & Co. Inc.
|
| Coupon: | 2.25%
|
| Price: | Par
|
| Yield: | 2.25%
|
| Conversion premium: | 40%
|
| Conversion price: | $27.71
|
| Conversion ratio: | 36.0933 shares
|
| Calls: | Non-callable
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 18
|
| Stock symbol: | Nasdaq: ENOC
|
| Stock price: | $19.79 as of close Aug. 12
|
| Distribution: | Rule 144A
|
| Market capitalization: | $546.64 million
|
| Price talk: | 2%-2.5%, up 32.5%-37.5%
|
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