Shutterfly greenshoe exercised, ups 0.25% convertibles to $300 million

By Tali David

Minneapolis, May 20 - Shutterfly, Inc. said underwriters for its 0.25% convertible senior notes fully exercised their $30 million over-allotment option, lifting the issue to $300 million, according to an 8-K filed with the Securities and Exchange Commission.

The company priced an upsized $270 million of the convertibles on May 14.

As previously reported, joint bookrunners were Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc.

Proceeds are intended to be used to fund acquisitions and other strategic transactions. The company also used $18 million of the proceeds to pay the cost of convertible note hedge and warrant transactions and to repurchase up to $30 million of shares of common stock. Any remaining proceeds will be used for general corporate purposes.

Shutterfly is a Redwood City, Calif.-based provider of digital personalized photo products and services.

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