Published on 5/22/2003 in the Prospect News Convertibles Daily.
New Issue: Credence sells $150 million overnighter at 1.5% yield, up 43%
By Ronda Fears
Nashville, May 22 - Credence Systems Corp. sold $150 million of five-year convertible notes at par to yield 1.5% with a 45% initial conversion premium in the overnight Rule 144A market, via lead manager Citigroup.
The company expects to use proceeds for general corporate purposes, including working capital and potential acquisitions.
Terms of the deal are:
Issuer: Credence Systems Corp.
| Issue: | Convertible subordinated notes
|
| Lead manager: | | Citigroup
|
| Amount | $150 million
|
| Greenshoe: | $30 million
|
| Maturity: | May 15, 2008
|
| Coupon: | 1.5%
|
| Price: | Par
|
| Yield: | 1.5%
|
| Conversion premium: | 43%
|
| Conversion price: | $11.31
|
| Conversion ratio: | 88.4173
|
| Call: | Non-callable
|
| Pricing date: | May 22
|
| Settlement: | May 29
|
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