MemberWorks greenshoe exercised, raising convertibles to $90 million

New York, Sept. 30 - MemberWorks Inc. said the underwriters of its recent offering of convertible senior subordinated notes exercised the $15 million over-allotment option in full, raising the size of the deal to $90 million.

The Stamford, Conn. membership program company originally sold $75 million of the securities after the market closed on Sept. 24 par to yield 5.5% with a 35% initial conversion premium.

Lehman Brothers was the bookrunner of the Rule 144A deal.

MemberWorks will use proceeds to fund the purchase of up to 500,000 shares of common stock simultaneously with or after the note sale, as well as for general corporate purposes, including acquisitions and additional repurchases of stock.

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