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Convertibles Calendar
JAN. 27 WEEK
ARCH COAL INC. (Symbol: ACI): $150 million of perpetual cumulative convertible preferreds with $22.5 million greenshoe; noncallable for five years, then with 110% hurdle; contingent conversion trigger is 110%; price talk of 5.25-5.75% yield, 22.5-27.5% initial conversion premium; set to price after the close Monday; via joint lead managers Merrill Lynch (books) and JPMorgan; proceeds to reduce debt under $350 million revolver, repay lines of credit, working capital and general corporate purposes; expected ratings B1/B+.
ON THE HORIZON
UNITED STATES STEEL CORP. (Symbol: X): up to $650 million combination of debt, including convertibles, to help pay for purchase of National Steel Corp.; of the $950 million total transaction, of which $200 million is assumed liabilities, $650 million is to be financed from securities issuance, bank borrowings and cash; the Pittsburgh steelmaker did not disclose how it would be broken down; the purchase is expected to close during second quarter.
RECENT SHELF FILINGS
INTERNATIONAL BUSINESS MACHINES CORP. (Symbol: IBM): $20 billion shelf filed Jan. 21 for debt securities, preferred stock, depositary shares, capital stock and warrants; securities may be issued as convertibles; Armonk, N.Y. information technology company will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/51143/000104746903001833/a2100738zs-3.txt
TEEKAY SHIPPING CORP. (Symbol: TK): $500 million shelf filed Jan. 17 for common stock, preferred stock, warrants, stock purchase contracts, stock purchase units and debt securities; securities may be issued as convertibles; Nassau, Bahamas oil and petroleum transportation company will use proceeds to finance acquisitions and for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/911971/000113031903000049/o08564fv3.htm
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