By Rebecca Melvin
Princeton, N.J., June 24 - GSC Capital Corp. sold $85 million of five-year senior convertible notes with a coupon of 7.25% and an initial conversion price of $25.
The notes are callable in 2½ years after a qualifying $125 million initial public offering.
If the company does not hold the required IPO within 2½ years, investors can put the notes to the issue for cash at a price of 100% per bond plus 4%.
Deutsche Bank is the bookrunner for the deal, which has a $25 million greenshoe.
Rockville, Md.-based GSC Capital, a real estate investment trust, plans to use proceeds to begin operations as it initiates investments, a syndicate source said.
| Issuer: | GSC Capital Corp.
|
| Issue: | Convertible senior notes
|
| Bookrunner: | Deutsche Bank
|
| Amount: | $85 million
|
| Greenshoe: | $25 million
|
| Maturity: | July 15, 2010
|
| Coupon: | 7.25%
|
| Price: | Par
|
| Yield: | 7.25%
|
| Conversion premium: | None
|
| Conversion price: | $25
|
| Conversion ratio: | 40.0
|
| Contingent conversion: | No
|
| Contingent payment: | No
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes, put at 110%
|
| Call: | Non-callable for 2½ years
|
| Put: | After 2½ years, if no qualifying IPO has occurred
|
| Pricing date: | June 23
|
| Settlement date: | July 11
|
| Distribution: | Rule 144A
|
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