Convertibles Calendar: TTM to price $150 million

December 16

TTM TECHNOLOGIES INC. (Nasdaq: TTMI): $150 million of seven-year convertible senior notes; after the market close on Monday; registered; 1.5%-2% coupon, up 22.5%-27.5%; $22.5 million greenshoe; joint bookrunners J.P. Morgan Securities LLC and RBS Securities Inc., with Barclays acting as a co-manager; contingent conversion; net share settlement; proceeds to repay a portion of its existing 3.25% convertible senior notes due 2015 and a call spread, with remaining proceeds for general corporate purposes; Santa Ana, Calif.-based maker of printed circuit board.

December 17

SPECTRUM PHARMACEUTICALS INC. (Nasdaq: SPPI): $100 million of five-year convertibles; after the market close Tuesday; talked to yield 2.25%-2.75%, up 27.5%-32.5%, Rule 144A; $20 million greenshoe; via joint bookrunners Jefferies LLC and RBC Capital Markets LLC; co-managers HC Wainwright and JMP Securities; contingent conversion; net-share settlement; non-callable; dividend and takeover protection; call spread; proceeds for call spread and general corporate purposes; Irvine, Calif.-based cancer-drug developer.

On The Horizon

ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol "ALLY"; bank holding company focused on auto financing based in Detroit.

International Convertibles

NATIONAL AUSTRALIA BANK: A$1.5 billion of floating-rate noncumulative convertible preference shares II; Bank Bill Rate plus 325 basis points; convertible or redeemable Dec. 17, 2020 or upon the occurrence of a loss absorption event; mandatorily redeemable Dec. 19, 2022 or in the event of an acquisition event; proceeds for general corporate purposes; Melbourne-based financial services company.

© 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.