Maxtor greenshoe partially exercised, lifting convertibles offering to $326 million

By Jennifer Chiou

New York, Aug. 31 - Maxtor Corp. announced $26 million of its $45 million greenshoe was exercised, raising its offering of 2.375% convertible senior notes due 2012 to $326 million.

Underwriters may still exercise the amount remaining under the greenshoe until Sept. 8.

On Aug. 15, the company sold $300 million of the convertibles with a 23% initial conversion premium. Citigroup was the bookrunner.

Proceeds will go towards retiring $150 million of Maxtor's 6.80% convertible senior notes due 2010 and for general corporate purposes.

Based in Milpitas, Calif., Maxtor supplies hard disk drives.

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