Convertibles Calendar

APRIL 12 WEEK

WALTER INDUSTRIES INC. (Symbol: WLT): Rule 144A; $125 million of 20-year convertible senior subordinated notes, with $25 million greenshoe; $10 million of proceeds to buyback shares sold short by note buyers; price talk of 3.5-4.0% yield, 35-40% initial conversion premium; noncallable for 7 years; puts in years 10 and 15; 130% contingent conversion trigger; 120% contingent payment trigger; rating trigger if falls below initial credit rating; Moody's at B1; dividend protection for quarterly common cash distribution of 3 cents per share; 90-day lockup for company, directors and Kolberg Kravitz Roberts & Co.; up to $25 million of proceeds earmarked to purchase shares from KKR at $12.75 per share; Tampa, Fl.-based homebuilder intends to use proceeds, together with cash or borrowings under its senior secured bank revolver, to prepay in full a $113.8 million outstanding term loan; any remaining proceeds for general corporate purposes; via joint bookrunners Morgan Stanley & Co. and Banc of America Securities; co-managers are SunTrust Robinson Humphrey, BNP Paribas and Credit Lyonnais; pricing after the close Wednesday.

ON THE HORIZON

ADVANCED SEMICONDUCTOR ENGINEERING INC.: (Symbol: ASX): $135 million of five-year convertible notes, with a $15 million greenshoe; via lead manager Goldman Sachs International; the Taiwanese semiconductor testing firm also plans to sell 60 million American Depositary Shares, which will each represent five ordinary shares with a par value of NT$10 each; timing will be as soon as the registration statement at the Securities and Exchange Commission becomes effective.

http://www.sec.gov/Archives/edgar/data/1122411/000119312503094347/df3.htm

ALBERTSON'S INC. (Symbol: ABS): $1.15 billion of mandatory convertible equity units plus $1.15 billion of common stock; proceeds to finance $2.1 billion cash portion of $2.5 billion acquisition of Shaw's stores from J Sainsbury plc, or commercial paper borrowings used to fund the purchase; via lead manager Banc of America Securities.

http://www.sec.gov/Archives/edgar/data/3333/000095015204002340/l05572sv3.htm

CONSECO INC. (Symbol: CNO): $350 million of mandatory convertibles and $800 million of common stock; proceeds to take out its $859.7 million of 10.5% step-up payable-in-kind convertible preferreds, repay debt under its senior credit facility, which matures in 2009 and currently has a weighted average interest rate of 7.8%, contribute capital to insurance subsidiaries and general corporate purposes; joint bookrunners of the mandatory offering are Goldman Sachs & Co. and Morgan Stanley with JPMorgan in the syndicate; joint bookrunners of the stock offering are Goldman Sachs & Co. and Morgan Stanley with Banc of America Securities in the syndicate.

http://www.sec.gov/Archives/edgar/data/1224608/000095013704000416/c82126sv1.txt

GENWORTH FINANCIAL INC. (Symbol: GNW proposed): $600 million mandatory convertible, or equity units, with $25 par; part of General Electric Co.'s spin-off of its insurance unit Genworth Financial Inc., which would divest 30% of GE's ownership with the remaining to be sold later; GE plans to use proceeds to invest in growth initiatives and reduce parent-supported debt at GE Capital Corp.; joint lead managers are Morgan Stanley and Goldman Sachs & Co.; offerings to be completed by the end of June.

RECENT SHELF FILINGS WITH THE SEC:

ALLIANT ENERGY CORP. (Symbol: LNT): $300 million shelf filed April 9 for common stock, stock purchase contracts and stock purchase units; Madison, Wis. utility will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/352541/000089706904000790/cmw621.htm

GLOBAL SOURCES LTD. (Symbol: GSOL): $300 million shelf filed April 12 for common shares, preferred shares, unsecured debt securities, warrants, share purchase contracts and share purchase units; securities may be issued as convertibles; Hamilton, Bermuda business-to-business media company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1110650/000095016204000484/globalform3041204.txt

KRAMONT REALTY TRUST (Symbol: KRT): $250 million shelf filed April 8 for common shares, preferred shares, depositary shares, debt securities and warrants; securities may be issued as convertibles; Plymouth Meeting, Pa. neighborhood shopping center real estate investment trust will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1111205/000089322004000644/w95734sv3.txt

WASHINGTON REAL ESTATE INVESTMENT TRUST (Symbol: WRE): $502.98 million shelf filed April 12 for common shares, preferred shares, warrants and debt securities; securities may be issued as convertibles; Rockville, Md. real estate investment trust will use proceeds for general business purposes.

http://www.sec.gov/Archives/edgar/data/104894/000119312504060668/ds3.htm

© 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.