Mindspeed greenshoe exercised, raising convertibles to $46 million

By Caroline Salls

Pittsburgh, Dec. 6 - Mindspeed Technologies Inc. said the underwriters of its recent offering of 3.75% convertible senior notes due 2009 exercised the $6 million over-allotment option in full, raising the size of the deal to $46 million.

The Newport Beach, Calif.-based semiconductor concern originally priced $40 million of the securities after the close on Dec. 2 to yield 3.75% with a 22% initial conversion premium.

Lehman Brothers Inc. was the bookrunner for the Rule 144A deal.

Mindspeed will collateralize interest payments by using a portion of proceeds to purchase Treasuries. Remaining proceeds will be used to fund operations, including research and development, and for operating expenses.

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