New Issue: Bowne $75 million convertible yields 5.0%, up 20%

By Ronda Fears

Nashville, Sept. 19 - Bowne & Co. Inc. sold $75 million of 30-year convertible notes at par to yield 5.0% with a 20% initial conversion premium via lead manager Goldman Sachs.

The New York document management company intends to use proceeds to repay borrowings under its $175 million revolving credit facility and may redeem up to $25 million of outstanding senior notes at par.

Terms of the new deal are:

Issuer: Bowne & Co. Inc.

Issue:	Convertible subordinated debentures
Lead manager:		Goldman Sachs
Amount	$75 million
Greenshoe:	$15 million
Maturity:	Oct. 1, 2033
Coupon:	5.0%
Price:	Par
Yield:	5.0%
Conversion premium:	20%
Conversion price:	$18.48
Conversion ratio:	54.1126
Call:	Non-callable for 5 years
Put:	In years 5, 10, 15, 20 and 25
Pricing date:	Sept. 19, before the open
Settlement:	Sept. 24
Distribution:	Rule 144A

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