Transpacific greenshoe exercised, lifts 6.75% convertibles to A$347.5 million

By Devika Patel

Knoxville, Tenn., Dec. 13 -Transpacific Industries Group Ltd. said the greenshoe for its 6.75% subordinated convertible notes due Dec. 7, 2014 has been fully exercised for A$32.5 million, increasing the size of the issue to A$347.5 million.

As previously reported, the company originally priced A$250 million of the notes on Nov. 8 at par with a conversion price of A$14.8648 and an initial conversion premium of 36%. The deal was later upsized to A$315 million.

The notes are callable beginning Dec. 7, 2010 subject to a 130% hurdle and are putable on Dec. 7, 2012.

JPMorgan is the bookrunner of the Regulation S transaction. ANZ is the co-arranger.

Settlement will be on Dec. 18.

The company plans to use the proceeds to repay existing bridge loans.

Transpacific is a Milton, Australia, waste management firm.

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