GSI Commerce launches $100 million 20-year convertibles to yield 2.125%-2.625%, up 22.5%-27.5%

By Ronda Fears

Memphis, June 26 - GSI Commerce Inc. launched a $100 million offering of 20-year convertible senior unsecured notes talked to yield 2.125% to 2.625% with an initial conversion premium of 22.5% to 27.5%. The issue is scheduled to price before the market opens on Wednesday.

There is an over-allotment option for a further $15 million.

Goldman Sachs is bookrunner of the Rule 144A offering.

The convertible is non-callable for seven years. There are puts in years seven, 10 and 15.

The issue offers standard dividend and takeover protection, and there is a net share settlement feature.

King of Prussia, Pa.-based GSI Commerce, an e-commerce marketing firm, plans to use proceeds for working capital and general corporate purposes, including possible acquisitions.

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