By Rebecca Melvin
Princeton, N.J., Sept. 28 - Euronet Worldwide Inc. priced an upsized $155 million of 20-year convertible debentures to yield 3.5%, with an initial conversion premium of 37.50%, the company said in a release Wednesday.
The Rule 144A, sold via bookrunner Banc of America Securities, was increased $30 million from the expected $125 million that was launched earlier the same day. There is a $20 million greenshoe, $5 million larger than expected.
The yield came at the middle of price talk of 3.25% to 3.75% and at the middle of talk for the initial conversion premium of 35% to 40%.
The debentures are non-callable for seven years, with puts in years seven, 10, and 15.
Leawood, Kan.-based Euronet, an electronic payments provider, plans to use proceeds for general corporate purposes, including share repurchases, acquisitions of non-U.S. entities or other strategic investments.
| Issuer: | Euronet Worldwide Inc.
|
| Issue: | Convertible debentures
|
| Bookrunner: | Banc of America Securities
|
| Amount: | $155 million
|
| Greenshoe: | $20 million
|
| Maturity: | Oct. 15, 2025
|
| Coupon: | 3.5%
|
| Price: | Par
|
| Yield: | 3.5%
|
| Conversion premium: | 37.5%
|
| Conversion price: | $40.48
|
| Conversion ratio: | 24.7036
|
| Call: | Non-callable for 7 years
|
| Puts: | In years seven, 10, and 15.
|
| Price talk: | 3.25% to 3.75%, up 35%-40%
|
| Pricing date: | Sept. 28, after the close
|
| Settlement: | Oct. 4
|
| Distribution: | Rule 144A
|
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