A $450 million two-and-a-half year issue was launched yesterday Wednesday under the sole lead of Goldman Sachs, with pricing scheduled for either today or tomorrow. Terms comprise a par in par out structure with a zero coupon, zero yield and 22% to 27% conversion premium. The deal also has a one-year put at par and a downward re-set at the end of year one with an 85% floor. There is also a $90 million greenshoe.
Underlying assumptions comprise a bond floor around the 96.4% level with implied volatility of 22.9% to 25.1%. This is based on a credit spread assumption of 115bp over Libor, 4.5% stock borrow cost, zero dividend yield there are full anti...
