SonoSite to offer $150 million in convertible senior notes, talked at 3.625% to 4.125%, up 19% to 24%

By Evan Weinberger

New York, July 9 - SonoSite, Inc. plans to offer $150 million in convertible senior notes due 2014. The deal is talked at a coupon of 3.625% to 4.125% with an initial conversion premium of 19% to 24%, according to market sources.

The deal is expected to price Tuesday after the market close.

JPMorgan is the bookrunner and Piper Jaffray and Savvian are serving as co-managers of the registered offering.

There is a $22.5 million over-allotment option.

Any conversion above par will be settled in SonoSite common stock.

There are no call or put options.

SonoSite is a Bothell, Wash.-based maker of ultrasound systems. The company plans to use the proceeds of the bonds for acquisitions of complementary businesses or product lines. Any net proceeds not used for acquisitions will be used for general corporate purposes. A portion may be used to enter into convertible hedge note transactions.

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