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Convertibles Calendar
WEEK OF JUNE 23
GENERAL MOTORS CORP. (Symbol: GM): $3.5 billion 30-year convertible senior debentures; non-callable for seven years, puts in years 15, 20 and 25; contingent conversion feature with 120% hurdle and 95% parity trigger; dividend protection; 15% greenshoe; via bookrunners Merrill Lynch & Co., Morgan Stanley and Citigroup; proceeds to help fund U.S. pension funds and other retiree benefit obligations; Detroit automaker; pricing after close Thursday.
http://www.sec.gov/Archives/edgar/data/40730/000119312503011346/d424b3.htm
MCMORAN EXPLORATION CO. (Symbol: MMR): Rule 144A; $100 million of five-year convertible senior notes; price talk of 5.5-6.0% yield, 25-30% initial conversion premium; noncallable with coupon payments for three years collateralized with Treasuries; also a common dividend pass-through in the form of an adjustment to the conversion ratio; $15 million greenshoe; via lead manager Merrill Lynch; Jefferies & Co. is co-manager; set to price after the close Thursday.
ON THE HORIZON
VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.
RECENT SHELF FILINGS
AEGON NV (Symbol: AEG): $5 billion shelf filed June 25 for common shares, debt securities, warrants, purchase contracts and units; securities may be issued as convertibles; The Hague, Netherlands insurance company will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/769218/000119312503012921/df3.htm
CAPITAL AUTOMOTIVE REIT (Symbol: CARS): $500 million shelf filed June 25 for common shares, preferred shares, depositary shares, warrants and debt securities; securities may be issued as convertibles; McLean, Va. real estate investment trust.
http://www.sec.gov/Archives/edgar/data/1049316/000095013303002235/w87744sv3.htm
SOUTHWEST GAS CORP. (Symbol: SWX): $300 million shelf filed June 24 for debt securities, trust debt securities, preferred stock, depositary shares and common stock; securities may be issued as convertibles; Las Vegas natural gas transportation and distribution company will use proceeds to retire debt, redeem trust preferreds and for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/92416/000089843003003322/ds3.htm
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