GenCorp greenshoe exercised, raising convertibles to $125 million

New York, Jan. 30 - GenCorp Inc. said the underwriters of its recent offering of contingent convertible subordinated notes due 2024 exercised the $25 million over-allotment option in full, raising the size of the deal to $125 million.

The Sacramento, Calif., technology-based manufacturing company originally sold $100 million of the securities after the market closed on Jan. 12 to yield 4% with a 45% initial conversion premium.

Deutsche Bank Securities was bookrunner for the Rule 144A deal.

GenCorp will use proceeds to repay borrowings on its revolving credit facility, to prepay the required 2004 payments on its term loan A and for general corporate purposes.

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