BroadSoft to price $100 million seven-year convertibles to yield 1.25%-1.75%, up 17.5%-22.5%

By Rebecca Melvin

New York, June 13 - BroadSoft Inc. launched a $100 million offering of seven-year convertible senior notes after the market close Monday that was talked to yield 1.25% to 1.75% with an initial conversion premium of 17.5% to 22.5%, according to a market source.

The Rule 144A deal, which has a $20 million greenshoe and is being sold via bookrunners Goldman Sachs & Co. and Jefferies & Co., was seen pricing after the market close on Tuesday.

The bonds will be non-callable for four years and then provisionally callable subject to a 140% price hurdle with a coupon make whole. There is dividend and takeover protection.

Proceeds are earmarked for general corporate purposes, including potential acquisitions.

The Gaithersburg, Md.-based software maker is aimed at enabling fixed-line, mobile and cable service providers to deliver voice and multimedia services over their IP-based networks.

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