Boston Private launches $250 million contingent convertibles to yield 2.75% to 3.25%, up 20% to 25%

By Evan Weinberger

New York, June 27 - Boston Private Financial Holdings, Inc. launched a $250 million offering of contingent convertible notes due July 15, 2027 talked to yield 2.75% to 3.25% with an initial conversion premium of 20% to 25%. The issue is scheduled to price Thursday after the market close.

There is an over-allotment option for a further $37.5 million, or 15%.

Merrill Lynch and RBC Capital Markets are joint bookrunners of the Rule 144A offering. SunTrust Robinson Humphrey is a co-manager of the bonds.

There is a hard call option on the convertibles beginning July 16, 2009. There are at-par puts on July 15, 2009, Oct. 15, 2009, January 15, 2010, April 15, 2010, July 15, 2010, July 15, 2012, July 15, 2017 and July 15, 2022.

The deal has a contingent conversion trigger at 130%.

There is full dividend protection via a conversion ratio adjustment and takeover protection, and there is a net share settlement feature.

Boston Private is a Boston-based wealth management firm focusing on high net worth individuals.

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