Kemet postpones $125 million sale of senior convertible notes due to volatility

By Reshmi Basu

New York, Dec. 13 - Kemet Corp. postponed the sale of $125 million of convertible senior notes due to market conditions, according to a company press release.

Earlier Thursday, the company announced plans to sell senior notes due 2027 in a Rule 144A offering.

Proceeds from the sale would have been used to fund acquisitions and for corporate purposes. Kemet said the potential buyout target had $85 million in revenue and $5 million in net income in 2006, but did not disclose the name of the company.

The underwriters would have had a $25 million greenshoe.

Kemet, based in Greenville, S.C., is a maker of capacitors for electronic devices.

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