Greater Bay greenshoe exercised, raising convertibles to $265.2 million

New York, March 23 - Greater Bay Bancorp said the underwriters of its recent offering of zero-coupon senior convertibles debt securities due 2024 exercised the $44.2 million principal amount at maturity greenshoe in full, raising the size of the deal to $265.2 million principal amount at maturity.

The Palo Alto, Calif. financial services concern originally priced $221 million principal amount, $200 million proceeds of the securities before the market opened on March 18 at 90.495 for a 0.5% yield to maturity and a 38% initial conversion premium.

Lehman Brothers was bookrunner.

The issue was sold on swap with $46.9 million of proceeds used to buy back 1.7 million shares of stock from note purchasers.

Remaining proceeds will be used for general corporate purposes.

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