Mandalay says $50 million greenshoe exercised on convertibles

New York, April 2 - Mandalay Resort Group said underwriters of its recent offering of floating-rate convertible senior debentures due 2033 exercised the $50 million over-allotment option in full, raising the size of the deal to $400 million.

The Las Vegas-based company originally sold $350 million of the convertibles at par with a coupon of Libor plus 75 basis points for the first five years then 0%. The initial conversion premium was 100%.

Bookrunners were Banc of America Securities and Merrill Lynch & Co.

Mandalay said it plans to use proceeds to repay its credit facilities.

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