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Convertibles Calendar
APRIL 12 WEEK
WALTER INDUSTRIES INC. (Symbol: WLT): Rule 144A; $125 million of 20-year convertible senior subordinated notes, with $25 million greenshoe; $10 million of proceeds to buyback shares sold short by note buyers; price talk of 3.5-4.0% yield, 35-40% initial conversion premium; noncallable for 7 years; puts in years 10 and 15; 130% contingent conversion trigger; 120% contingent payment trigger; rating trigger if falls below initial credit rating; Moody's at B1; dividend protection for quarterly common cash distribution of 3 cents per share; 90-day lockup for company, directors and Kolberg Kravitz Roberts & Co.; up to $25 million of proceeds earmarked to purchase shares from KKR at $12.75 per share; Tampa, Fl.-based homebuilder intends to use proceeds, together with cash or borrowings under its senior secured bank revolver, to prepay in full a $113.8 million outstanding term loan; any remaining proceeds for general corporate purposes; via joint bookrunners Morgan Stanley & Co. and Banc of America Securities; co-managers are SunTrust Robinson Humphrey, BNP Paribas and Credit Lyonnais; pricing after the close Wednesday.
ON THE HORIZON
ADVANCED SEMICONDUCTOR ENGINEERING INC.: (Symbol: ASX): $135 million of five-year convertible notes, with a $15 million greenshoe; via lead manager Goldman Sachs International; the Taiwanese semiconductor testing firm also plans to sell 60 million American Depositary Shares, which will each represent five ordinary shares with a par value of NT$10 each; timing will be as soon as the registration statement at the Securities and Exchange Commission becomes effective.
http://www.sec.gov/Archives/edgar/data/1122411/000119312503094347/df3.htm
ALBERTSON'S INC. (Symbol: ABS): $1.15 billion of mandatory convertible equity units plus $1.15 billion of common stock; proceeds to finance $2.1 billion cash portion of $2.5 billion acquisition of Shaw's stores from J Sainsbury plc, or commercial paper borrowings used to fund the purchase; via lead manager Banc of America Securities.
http://www.sec.gov/Archives/edgar/data/3333/000095015204002340/l05572sv3.htm
CONSECO INC. (Symbol: CNO): $350 million of mandatory convertibles and $800 million of common stock; proceeds to take out its $859.7 million of 10.5% step-up payable-in-kind convertible preferreds, repay debt under its senior credit facility, which matures in 2009 and currently has a weighted average interest rate of 7.8%, contribute capital to insurance subsidiaries and general corporate purposes; joint bookrunners of the mandatory offering are Goldman Sachs & Co. and Morgan Stanley with JPMorgan in the syndicate; joint bookrunners of the stock offering are Goldman Sachs & Co. and Morgan Stanley with Banc of America Securities in the syndicate.
http://www.sec.gov/Archives/edgar/data/1224608/000095013704000416/c82126sv1.txt
GENWORTH FINANCIAL INC. (Symbol: GNW proposed): $600 million mandatory convertible, or equity units, with $25 par; part of General Electric Co.'s spin-off of its insurance unit Genworth Financial Inc., which would divest 30% of GE's ownership with the remaining to be sold later; GE plans to use proceeds to invest in growth initiatives and reduce parent-supported debt at GE Capital Corp.; joint lead managers are Morgan Stanley and Goldman Sachs & Co.; offerings to be completed by the end of June.
RECENT SHELF FILINGS WITH THE SEC:
ALLIANT ENERGY CORP. (Symbol: LNT): $300 million shelf filed April 9 for common stock, stock purchase contracts and stock purchase units; Madison, Wis. utility will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/352541/000089706904000790/cmw621.htm
GLOBAL SOURCES LTD. (Symbol: GSOL): $300 million shelf filed April 12 for common shares, preferred shares, unsecured debt securities, warrants, share purchase contracts and share purchase units; securities may be issued as convertibles; Hamilton, Bermuda business-to-business media company will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/1110650/000095016204000484/globalform3041204.txt
KRAMONT REALTY TRUST (Symbol: KRT): $250 million shelf filed April 8 for common shares, preferred shares, depositary shares, debt securities and warrants; securities may be issued as convertibles; Plymouth Meeting, Pa. neighborhood shopping center real estate investment trust will use proceeds for general corporate purposes.
http://www.sec.gov/Archives/edgar/data/1111205/000089322004000644/w95734sv3.txt
WASHINGTON REAL ESTATE INVESTMENT TRUST (Symbol: WRE): $502.98 million shelf filed April 12 for common shares, preferred shares, warrants and debt securities; securities may be issued as convertibles; Rockville, Md. real estate investment trust will use proceeds for general business purposes.
http://www.sec.gov/Archives/edgar/data/104894/000119312504060668/ds3.htm
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