Convertibles Calendar: Nvidia to price $1.3 billion; Stanley on tap

November 25

NVIDIA CORP. (Nasdaq: NVDA): $1.3 billion five-year convertible senior notes; after the market close Monday; at 0.75%-1.25%, up 27.5%-32.5%; Rule 144A; $200 million greenshoe; via Goldman Sachs & Co.; non-callable for life; proceeds to buy back shares and fund dividend payments, for privately negotiated convertible note hedge transactions and for general corporate purposes; Santa Clara, Calif.-based graphics processor company.

STANLEY BLACK & DECKER INC. (NYSE: SWK): $300 million of three-year mandatory equity units; at $100 each, after the market close Monday; talked 6%-6.5% yield, up 17.5%-22.5%; registered; via Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC; greenshoe expected; use of proceeds include cost of call spread; concurrent offering of $400 million of fixed-to-floating rate junior subordinated debentures due 2053; New Britain, Conn.-based provider of hand tools, power tools and related accessories.

On The Horizon

SONGA OFFSHORE SE (OTC: SGAZF): about $150 million of convertible bonds; concurrent equity offering of up to $250 million; coupon talked 4%-6%, up 25%; proceeds for successfully delivering CAT-D rigs; joint bookrunners Fearnley Securities AS and Swedbank Norge, part of Swedbank AB; company's largest shareholder Perestroika AS has the right to subscribe for and be allocated bonds in an amount which will allow it to maintain an ownership percentage of at least 50.1% following full conversion bond; offshore drilling company based in Oslo.

ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol "ALLY"; bank holding company focused on auto financing based in Detroit.

International Convertibles

NATIONAL AUSTRALIA BANK: A$1.5 billion of floating-rate noncumulative convertible preference shares II; Bank Bill Rate plus 325 basis points; convertible or redeemable Dec. 17, 2020 or upon the occurrence of a loss absorption event; mandatorily redeemable Dec. 19, 2022 or in the event of an acquisition event; proceeds for general corporate purposes; Melbourne-based financial services company.

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