By Sheri Kasprzak
Atlanta, June 8 - Lexar Media, Inc. said the holders of $60 million in senior convertible notes have exercised an over-allotment option for $10 million in additional principal.
Investors Highbridge International LLC and Amphora Ltd. exercised their option to buy the additional notes, bringing to $70 million the total proceeds raised in the offering.
The notes bear interest at 5.625%, mature April 1, 2010 and are convertible into common shares at $6.68 each.
The proceeds from the additional notes will be used for general corporate purposes.
Lexar may redeem the debentures after March 31, 2008, in whole or part, if its stock exceeds 175% of the conversion price for at least 20 trading days in any 30-day trading period and a registration statement is effective at the time of redemption at 100% of the principal plus interest.
Based in Fremont, Calif., Lexar develops digital media and accessories for digital photography and consumer electronics.
| Issuer: | Lexar Media, Inc.
|
| Issue: | Senior convertible notes
|
| Amount: | $10 million greenshoe
|
| Total issue amount: | $70 million
|
| Maturity: | April 1, 2010
|
| Coupon: | 5.625%
|
| Price: | Par
|
| Yield: | 5.625%
|
| Conversion price: | $6.68
|
| Call: | Redeemable after March 31, 2008 at 100% of principal plus interest if stock exceeds 175% of conversion price for 20 trading days in any 30-day trading period
|
| Warrants: | No
|
| Investors: | Highbridge International LLC and Amphora Ltd.
|
| Announcement date: | March 29
|
| Settlement date: | June 3
|
| Stock price: | $5.14 at close March 29
|
| Stock price: | $5.10 at close June 3
|
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