Telvent to price $175 million five-year convertibles to yield 5% to 5.5%, up 20% to 25%

By Rebecca Melvin

New York, April 5 - Telvent GIT SA plans to price $175 million of five-year convertibles after the market close Tuesday that are talked to yield 5% to 5.5%, with an initial conversion premium of 20% to 25%, according to a syndicate source.

The Rule 144A offering of senior subordinated notes has a $25 million greenshoe.

RBC and Barclays Capital are joint bookrunners, with ING and Canaccord as co-managers.

The notes, which mature April 15, 2015, will be non-callable and have full dividend and takeover protection.

Proceeds are earmarked for its subsidiary Telvent DTN to repay a credit agreement in full.

Based in Madrid, Telvent is a global information technology company focused on infrastructure markets.

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