Keane greenshoe exercised, raising convertibles to $150 million

New York, June 23 - Keane, Inc. said underwriters of its recent sale of 2% convertible subordinated debentures due 2013 exercised the over-allotment option in full, raising the size of the deal to $150 million.

The Boston information technology consulting firm originally sold $125 million of the convertibles after the market closed on June 12 to yield 2.0% with a 47.5% initial conversion premium.

Morgan Stanley was lead manager for the Rule 144A deal.

Keane said it would use proceeds to buyback stock and general corporate purposes.

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