MSC.Software $85 million convertible talked at 2.25-2.75% yield, up 25-30%

By Sara Rosenberg

New York, April 29 - MSC.Software's $85 million convertible notes due 2008 are talked at a 2.25% to 2.75% yield to maturity with an initial conversion premium in the 25% to 30% range.

The Rule 144A offering, which is expected to price on Thursday, is coming via lead manager Merrill Lynch & Co.

There is a 15% greenshoe available.

The deal has hard call protection for three years and then is callable at par.

Santa Ana, Calif.-based MSC.Software said it plans to use proceeds to repay borrowings outstanding under its credit facilities and other debt.

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