Comtech Telecommunications to raise $200 million via Private Placement (PPM)
Comtech Telecommunications Corp., a US-based designer, developer, producer, and marketer of products, systems, and services for communication solutions, has agreed to raise $200 million through a private placement (via private placement memorandum – PPM) of convertible senior notes due 2029.
The notes will bear an interest of 3% per year and mature on May 1, 2029. The holders of the notes may convert the notes, at their option, into shares of Comtech’s common stock at an initial conversion price of $36.44 per share, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.
Comtech also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $30 million aggregate principal amount of the notes. The sale of the notes is expected to close on May 8, 2009.
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