Providian to sell $250 M of convertible notes
SAN FRANCISCO: Morgan Stanley & Co. Incorporated and J.P. Morgan Securities, Inc. will be joint book running managers, and Deutsche Bank Securities, Inc. and Goldman Sachs & Co. will be co-managers for the sale.
Providian increased the offering from the proposed $150,000,000 to $250,000,000. The company may also raise up to an additional $37,500,000 upon exercise of an overallotment option granted to the underwriters in connection with the offering.
The notes will bear interest at the rate of 4.00% per annum and will be convertible into shares of Providian Financial's common stock upon the achievement of a predetermined stock price or the satisfaction of other conditions at the conversion rate of 76.8758 shares of common stock for each $1,000 principal amount of Notes that are converted (equivalent to a conversion price of approximately $13.01 per share).
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