Calgon Carbon $10 million greenshoe fully exercised, raising convertibles to $75 million

By Laura Lutz

Des Moines, Aug. 18 - Calgon Carbon Corp. announced that underwriter J.P. Morgan Securities Inc. fully exercised its $10 million greenshoe in Calgon's previously announced offering of 30-year convertible senior unsecured notes, bringing the total size to $75 million.

As previously reported, Calgon priced $65 million of the notes, which have a coupon of 5% and an initial conversion premium of 20%, on Aug. 14.

JP Morgan is the bookrunner of the Rule 144A offering.

The initial conversion rate is 196.0784 shares per note, or an initial conversion price of about $5.10 per share.

The notes are non-callable for the first five years, with puts in years five, 10 and 20.

The convertibles have dividend and takeover protection.

There is a net-share settlement feature.

Calgon is a Pittsburgh-based supplier of products and solutions for water and air purification. The company's stock closed at $4.47 on Aug. 18 (NYSE: CCC).

© 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.