Coherent greenshoe fully exercised, lifting convertibles offering to $200 million

By Jennifer Chiou

New York, March 13 - Coherent Inc. said its $25 million greenshoe was exercised in full, augmenting its issue of convertible bonds due March 1, 2011 to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced $175 million of the securities on March 7 to yield 2.75% with an initial conversion premium of 30%.

Merrill Lynch was bookrunner.

The company previously said that it will use proceeds from the deal to partly fund its acquisition of Excel Technology Inc.

Coherent is a Santa Clara, Calif.-based designer and manufacturer of lasers and precision optics used in areas such as semiconductor manufacturing and environmental research.

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