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WMS Industries, Inc., a manufacturer of commercial gaming machines, today announced that it has agreed to sell U.S. $100 million aggregate principal amount of 2.75-percent convertible subordinated notes due 2010 to qualified institutional buyers in a private offering.
The company said it also granted the initial purchasers of the notes an option to purchase up to an additional $15 million aggregate principal amount of notes. The deadline for the offering is expected to be June 25, 2003.
According to the company, the net proceeds from the notes, which will be offered and sold in the U.S. under Rule 144A to qualified institutional buyers, will be used for working capital, capital expenditures, and other general corporate purposes. The general corporate purposes may include acquisitions and repurchases of shares of the company’s common stock under its existing share buyback program or under any other share buyback program the company may authorize in the future, said the company.
If so desired by the holders, the notes will be convertible into shares of the company’s common stock at a conversion price of $19.78 per share, which, according to the company, is a conversion premium of 15 percent over yesterday’s closing price of $17.20. WMS added that the notes are non-callable for the entire seven-year term.
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