Radius talks $200 million five-year convertibles to yield 2%-2.5%, up 30%-35%

By Abigail W. Adams

Portland, Me., Sept. 7 – Radius Global Infrastructure Inc. plans to price $200 million of five-year convertible notes after the market close on Wednesday with price talk for a coupon of 2% to 2.5% and an initial conversion premium of 30% to 35%, according to a market source.

Morgan Stanley & Co. LLC (lead left) and Goldman Sachs & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $30 million.

The notes are non-callable until Sept. 20, 2024 and then subject to a 130% hurdle.

There is dividend and takeover protection.

The notes will be guaranteed by Radius’ wholly owned subsidiary, APW OpCo LLC.

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, for acquisitions and for general corporate purposes.

Radius is a New York-based owner of a portfolio of triple net rental streams from wireless operators and tower companies.

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