Mindbody talks $200 million five-year convertibles to yield 0.125% to 0.625%, up 27.5% to 32.5%

By Abigail W. Adams

Portland, Me., June 6 – Mindbody Inc. plans to price $200 million of five-year senior convertible notes after the market close on Thursday with price talk for a coupon of 0.125% to 0.625% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. are joint bookrunners for the Rule 144A deal, which carries a greenshoe of $30 million.

In connection with the pricing, Mindbody will enter into capped call with the initial purchasers and their affiliates.

Proceeds will be used to cover the cost of the call spread and for general corporate purposes.

Mindbody is a San Luis Obispo, Calif.-based technology platform for fitness, wellness and beauty services.

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