Unisys greenshoe lifts 6.25% convertible preferreds to $258.75 million

By Melissa Kory

Cleveland, Feb. 28 - Unisys Corp. announced that underwriters exercised their $33.75 million over-allotment option for an additional 337,500 shares, lifting its closed offering to $258.75 million, or 2,587,500 shares, of 6.25% mandatory convertible series A preferred stock.

Unisys priced $225 million of the convertibles after the market close on Feb. 22 at par to yield 6.25% with an initial conversion premium of 22%.

Goldman Sachs & Co. and Citigroup Global Markets Inc. were the joint bookrunners of the deal. RBS Securities Inc. was the co-manager.

The proceeds from the offering will be used to redeem $124.7 million of the company's 12.75% senior secured notes due 2014 and $86.3 million of its 14.25% senior secured notes due 2015.

Unisys is a Blue Bell, Pa., information technology services provider.

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