By Ronda Fears
Nashville, May 13 - Global Imaging Systems Inc. sold $50 million of 5.5-year convertible notes at par to yield 4.0% with a 32% initial conversion premium. The Rule 144A deal sold at the aggressive end of guidance, via lead manager Wachovia Securities, Inc.
Talk had put the coupon at 4.0% to 4.5% and the initial conversion premium at 28% to 32%.
Proceeds are earmarked to repay the company's outstanding senior credit facility and redeem its 10.75% notes due 2007.
Terms of the deal are:
Issuer: Global Imaging Systems Inc.
| Issue: | Convertible senior unsecured notes
|
| Lead manager: | Wachovia Securities
|
| Amount | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | Nov. 9, 2008
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion premium: | 32%
|
| Conversion price: | $23.89
|
| Conversion ratio: | 41.855
|
| Call: | Non-callable for three years, then at 101.6
|
| Settlement: | May 16
|
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