Marchex greenshoe exercised, raising convertible preferreds to $57.5 million

By Caroline Salls

Pittsburgh, Feb. 17 - Marchex Inc. said the underwriters of its recent offering of 4.75% convertible exchangeable preferred stock exercised the $7.5 million greenshoe in full, raising the size of the deal to $57.5 million.

The Seattle-based "direct navigation" service for online consumer activity originally priced $50 million of the securities after the close on Feb. 8 to yield 4.75%.

Piper Jaffray & Co. was the bookrunner on the registered deal.

Proceeds will be used to fund the pending Name Development Ltd. asset acquisition and for working capital and other general corporate purposes, including potential future acquisitions.

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