Convertibles Calendar: Volcano to price $400 million of convertibles

December 4

VOLCANO CORP. (Nasdaq: VOLC): $400 million of five-year convertible senior notes (upsized from $350 million); after the market close Tuesday; talked to yield 1.75%, up 27.5% to 32.5%, from 1.75% to 2.25%, up 22.5% to 27.5% originally; greenshoe of $60 million, up from $52.5 million; registered, off-the-shelf deal; via joint bookrunners J.P. Morgan Securities LLC and Goldman Sachs & Co.; not convertible before Aug. 7, 2017 except in certain circumstances; non-callable for life with no puts; concurrent bond hedge and warrant transactions; proceeds will be used to repurchase $50 million of its 2.875% convertible senior notes due 2015, to pay for the hedged transactions, for working capital and for general corporate purposes; Rancho Cordova, Calif.-based manufacturer of intravascular ultrasound and functional measurement products for vascular and structural heart disease.

December 5

SEACOR HOLDINGS INC. (NYSE: CHK): $250 million of 15-year convertible bonds; Wednesday after the market close; to yield 2.5%-3%, up 27.5%-32.5%; Rule 144A; $50 million greenshoe; via bookrunner Goldman Sachs & Co.; non-callable for three years, then provisionally callable at a 130% price hurdle for two years, before becoming freely callable; puts in years five and 10; proceeds primarily to repay amounts outstanding under its revolving credit facility, remaining proceeds for general corporate purposes, including possible repurchase of shares of common stock and payment of a dividend to stockholders; repurchased shares may be bought by purchasers of the convertible notes; Fort Lauderdale, Fla., provider of marine support and transportation services.

International Convertibles Calendar

ON THE HORIZON

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, to purchase overseas raw materials and for operating capital; Taipei, Taiwan- cement producer.

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