Epicor talks $200 million 20-year convertibles at 1.875%-2.375%, up 27.5%-32.5%, to price Wednesday

By Kenneth Lim

Boston, May 1 - Epicor Software Corp. plans to price $200 million of 20-year convertible senior unsecured notes off the shelf on Wednesday after the market closes, talked at a coupon of 1.875% to 2.375% and an initial conversion premium of 27.5% to 32.5%.

The convertibles will be offered at par.

There is an over-allotment option for a further $30 million.

UBS Investment Bank and Lehman Brothers are the bookrunners of the registered offering.

The convertibles will be non-callable for the first seven years. They may be put in years seven, 10 and 15.

There will be a contingent conversion trigger at 130% of the conversion price.

The convertibles will have dividend and takeover protection.

Epicor, an Irvine, Calif.-based developer of enterprise application software solutions, said the proceeds of the deal will be used to repay its outstanding term loan and to fund general corporate purposes.

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