Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Bloom Energy Corp. > News item |
Bloom Energy talks $500 million five-year convertibles to yield 2.75%-3.25%, up 37.5%-42.5%
By Abigail W. Adams
Portland, Me., May 11 – Bloom Energy Corp. plans to price $500 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 2.75% to 3.25% and an initial conversion premium of 37.5% to 42.5%, according to a market source.
J.P. Morgan Securities LLC (lead left), BofA Securities Inc. and Morgan Stanley & Co. LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable until June 5, 2026 and then subject to a 130% hurdle.
They will be settled in cash, shares or a combination of both at the company’s option.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to cover the cost of the call spread, to redeem the $57,645,000 outstanding principal of its 10.25% senior secured notes due 2027 at 104 and for general corporate purposes.
Bloom Energy is a San Jose, Calif.-based solid oxide fuel cell manufacturer.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.