After initially announcing it would sell $125M worth of convertible senior notes due 2020 and 12M shares, GT Advanced (GTAT +0.9%) has decided to sell $190M worth of convertible notes and 8.65M shares. Underwriters have overallotment options for $24M worth of notes and 1.29M shares. (PR)
The notes carry an interest rate of 3%, and a conversion price of $12.11 (up 35% from current levels). The shares are priced at $8.65 (4% below current levels).
GT expects net proceeds of $254M, or $288M if the overallotment option is exercised in full.