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Benefitfocus talks $200 million five-year convertible notes to yield 0.75%-1.25%, up 30%-35%
By Abigail W. Adams
Portland, Me., Dec. 19 – Benefitfocus, Inc. plans to price $200 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 0.75% to 1.25% and an initial conversion premium of 30% to 35%, according to a market source.
J.P. Morgan Securities LLC is the bookrunner for the Rule 144A deal, which carries a greenshoe of $40 million.
The notes are non-callable until Dec. 20, 2021 and then subject to a 130% hurdle. The notes will be converted into cash, shares or a combination of both at the company’s option.
In connection with the pricing of the notes, Benefitfocus will enter into capped call transactions.
Benefitfocus is a Charleston, S.C.-based cloud-based benefits management platform.
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