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Convertibles Calendar: Macquarie on tap
On The Horizon
MACQUARIE INFRASTRUCTURE CORP.:
$325 million of convertible notes due 2023
$48.75 million greenshoe
J.P. Morgan Securities LLC and Barclays (bookrunners)
Convertible after the calendar quarter ending Dec. 31 and prior to July 1, 2023 if the companys stock crosses a 130% price hurdle. The notes can also be converted if the trading price of the debt is less than 98% of the product of the common stock price and the conversion rate for five consecutive trading days, or upon certain corporate events.
After July 1, 2023, the notes can be converted at any time up until the second trading day preceding the maturity date.
Proceeds will be used for general corporate purposes
New York-based owner, operator and investor in a diversified group of infrastructure businesses in the United States
NYSE: MIC
International Calendar
On The Horizon
TURNERS LTD.:
Up to $25 million of convertible bonds due 2018
Up to $5 million for oversubscriptions
Exchangeable for all or some of existing Turners 2016 convertible bonds
Coupon talked at 6.5%
Offer closes Sept. 23
Conversion will be the lesser of NZ$3.75 and a 5% discount to the VWAP of shares 90 days prior to maturity
Preference of allocations given to existing holders resident in New Zealand who have elected to convert their bonds
Auckland, New Zealand-based financial services holding company
NZX: TNR
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