Macrovision to price $175 million five-year convertibles, talked at 2.625%-3.125%, up 25%-30%

By Kenneth Lim

Boston, Aug. 16 - Macrovision Corp. plans to price on Thursday $175 million of five-year convertible senior notes talked at a coupon of 2.625% to 3.125% and an initial conversion premium of 25% to 30%.

The convertibles will be offered at par, and pricing is expected after the market closes.

There is a greenshoe for a further $25 million.

JP Morgan is the bookrunner of the Rule 144A offering.

The convertibles will be non-callable.

Macrovision is a Santa Clara, Calif.-based developer of anti-piracy solutions for software and other digital content. It will use the proceeds of the deal for general corporate purposes, to concurrently buy back up to $50 million of its own stock and for convertible note hedge and warrant transactions.

Macrovision stock closed at $22.32 on Wednesday, up by 2.57% or 56 cents, before the deal was announced.

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