Convertibles Calendar

October 17

WALTER INVESTMENT MANAGEMENT CORP.: (NYSE: WAC): $265 million of convertible senior subordinated notes due 2019; registered; expected to price after the market close Wednesday; talked to yield 4.5%-5%, up 35%-40%; concurrent secondary stock offering of 4.5 million shares, with 675,000 share greenshoe; $25 million greenshoe on convertibles; via Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Bank of America Merrill Lynch and Barclays as joint bookrunners; not convertible prior to May 1, 2019 except for certain circumstances; proceeds to fund partially an acquisition of the outstanding capital stock of Reverse Mortgage Solutions Inc.; remaining proceeds will be used to enhance liquidity and growth and working capital and for general corporate purposes; Tampa. Fla.-based asset manager and mortgage services and portfolio owner.

ON THE HORIZON

ZAZA ENERGY CORP. (Nasdaq: ZAZA): up to $40 million of five-year convertible senior notes; talked with an initial conversion premium of 15%-20%, provided the conversion price doesn't fall below $2.50 per share; private placement, being sold under section 4(a)(2); proceeds for drilling capital expenditures and leasehold transactions and for general corporate purposes; Houston-based onshore oil and gas exploration and development company that was formed through the merger of Paris-based Toreador Resources Corp., a former convertible bond issuer, and ZaZa, an oil and gas exploration and production company in Houston.

PROVECTUS PHARMACEUTICALS INC. (OTC: PVCTP): series A 8% convertible preferreds; $4 per share; concurrent series D warrants; via underwriter Maxim Group LLC; proceeds will be used for general corporate purposes; convertible preferred stock will be convertible into common stock; further details not available; Knoxville, Tenn.-based dermatology and oncology pharmaceutical company.

International Convertibles Calendar

ON THE HORIZON

BENDIGO AND ADELAIDE BANK LTD. (Australia: BEN): A$125 million of convertible preference shares; par A$100; to yield fixed margin of 5% to 5.5% over the floating Australian bank bill rate; public offering; proceeds will count toward tier 1 capital; joint lead managers are Evans and Partners Pty Ltd., J.P. Morgan Australia Ltd., Macquarie Capital (Australia) Ltd., and Morgan Stanley Australia Ltd.; may be converted or redeemed on Dec. 13, 2017 subject to certain conditions at 102.56% of ordinary shares per preference share; may be mandatorily convertible into ordinary shares at 102.56% on Dec. 13, 2019; no puts or early conversion; to close Oct. 25; Victoria, Australia-based regional bank.

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, purchase overseas raw materials and for operating capital; Taipei, Taiwan-based cement producer.

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