Kerzner $150 million convertible talked at 2.125-2.625%, up 30-35%

By Ronda Fears

Nashville, March 30 - Kerzner International Ltd. launched $150 million of 20-year convertible notes talked to yield 2.125% to 2.625% with a 30% to 35% initial conversion premium.

Deutsche Bank Securities is sole bookrunner of the Rule 144A deal, which is scheduled to price after the close Tuesday.

The senior subordinated notes will be non-callable for 10 years, then at par. There are puts in years 10 and 15 at par.

There is a 120% contingent conversion trigger.

Holders will have full dividend protection.

A $23 million greenshoe is available.

The Paradise Island, Bahamas, based casino and resort developer said proceeds would be used for future capital expenditures.

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