Repeating a strategy that proved successful last September, Premier is attempting to secure tight pricing by heading the autumn's pipeline of deals. Also similar to last year, when the company raised $56.4 million through a GDR, ING Barings is lead manager of what will represent the company's debut convertible.
Pricing will take place later today Thursday, with terms comprising a coupon of 0% to 0.75%, conversion premium of 12% to 17% and three year put at 75bp to 150bp over Treasuries, equating to a yield of 4.7% to 5.45%. There is also three year hard no call, thereafter subject to the 140% trigger and re-sets in years one, two and three, with...
