BankUnited talks $160 million of three-year mandatory convertibles at 6.25%-6.75%, up 40%-45%

By Kenneth Lim

Boston, April 18 - BankUnited Financial Corp. plans to price $160 million of three-year equity units on Thursday after the market closes, talked at a coupon of 6.25% to 6.75% and an initial conversion premium of 40% to 45%.

The 3.2 million equity units will be offered at $50 apiece. The units include mandatory convertible senior notes.

There is an over-allotment option for a further $24 million, or 480,000 units.

JPMorgan is the bookrunner of the registered offering.

The convertibles will be non-callable and may not be put.

There will be dividend and takeover protection.

BankUnited, a Coral Gables, Fla.-based bank, said the proceeds of the deal will be used to buy back its common stock and to fund general corporate purposes.

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