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Kaman Corp., a Connecticut maker of aerospace and industrial components, has priced a senior notes offering at $100 million.
The sale of the 3.25 percent convertible senior notes due 2017 is expected by Friday, Nov. 19. Buyers of the notes also have an option for 13 days to buy up to $15 million more in aggregate principal amount.
Kaman noted in a press release today that it intends enter into a convertible note hedge transaction, as well as warrant transactions, that could ultimately affect the conversion price by increasing the share price from just under $34 per share to about $44.40 per share. The company’s proceeds from the notes offering will support the cost of the convertible note hedge transactions, as well as for debt repayment, future acquisitions and possible pension contributions.
In September 2009, Kaman (Nasdaq: KAMN) replaced a previous five-year $200 million revolving credit facility with a new three-year $225 million revolving credit facility.
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