Convertibles Calendar

March 13

RASER TECHNOLGIES INC. (NYSE: RZ): $75 million convertible bonds; five year maturity: $25 million greenshoe; being sold via Merrill Lynch; talked to yield 5.5% to 6.5%, up 20% to 30%; a portion of proceeds will be placed in an escrow account that will be invested in government securities to fund the first four interest payments; non-callable, no puts; dividend and change of control protection; most proceeds will be used to development geothermal power projects; Provo, Utah-based technology licensing and development company focused on geothermal power generation projects.

ON THE HORIZON

ABITIBIBOWATER INC. (NYSE: ABH) to price $300 million of convertibles; part of a plan to refinance $1.583 billion to address upcoming debt maturities and general liquidity needs of Abitibi-Consolidated Inc.; no timing seen yet on the convertibles; concurrent financing $450 million 364-day senior secured term loan, $257 million of new senior secured notes, upsized $415 million of restructured senior secured exchange notes; Greenville, S.C.-based paper, pulp and printing company

MACROVISION CORP. (Nasdaq: MVSN): Up to $150 million convertible debt or senior unsecured notes to help finance purchase of Gemstar-TV Guide International Inc.; secured $150 million bridge loan if it is unable to issue convertibles or other debt financing; also secured $650 million term loan B; Santa Clara, Calif.-based digital transmission protection, enhancement and distribution firm; JPMorgan, Merrill Lynch lead banks on financing.

AMERICAN WATER WORKS CORP. INC. (NYSE: AWK): $500 million equity units; along with new issue of common stock; part of initial public offering and spinoff from RWE AG, a German utilities provider; proceeds to repay recent commercial paper borrowings and for general corporate purposes; Goldman Sachs, Citigroup, Merrill Lynch joint bookrunners.

BLACK HILLS CORP. (NYSE: BKH): Mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

© 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.