Ixia offers $125 million five-year convertibles at 3%-3.5%, up 25%-30%

By Rebecca Melvin

New York, Dec. 1 - Ixia Inc. launched an offering of $125 million five-year convertible senior notes expected to price after the market close, according to a syndicate source.

The Rule 144A offering, which has a $25 million greenshoe, was talked to yield 3% to 3.5% with an initial conversion premium of 25% to 30%.

The deal was being sold via bookrunners Deutsche Bank Securities Inc. and Stifel Nicolaus Weisel.

The notes will be non-callable for life, with no puts. They have dividend and takeover protection and stock settlement.

Proceeds are earmarked for general corporate purposes, potential future acquisitions and strategic transactions.

Based in Calabasas, Calif., Ixia provides test systems for IP-based infrastructure and services.

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