Telvent Closes $200 Million Private Placement

IT company Telvent (NASDAQ: TLVT) has closed a $200M private placement offering of 5.50% senior subordinated convertible notes in a private placement to qualified institutional buyers.

The offering included $25 million aggregate principal amount of notes issued pursuant to the exercise of the initial purchasers’ option in full. The notes are due 2015.

The notes are Telvent’s direct and unsecured obligations subordinated to the payment obligations in respect of its senior credit facility.

Interest on the notes will be paid semi-annually in arrears at a rate of 5.50% per year on April 15 and October 15 of each year, beginning on October 15, 2010. The notes will mature on April 15, 2015.

Under certain circumstances, the notes will be convertible into cash, Telvent’s ordinary shares or a combination of cash and Telvent’s ordinary shares, at Telvent’s election. The notes will be convertible at an initial conversion rate of 29.2590 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $34.18 per ordinary share and represents a 22.5% conversion premium over the closing price of Telvent’s ordinary shares of $27.90 per share on April 6, 2010 on the NASDAQ Global Select Market.

After deducting the initial purchasers’ discounts and commissions and Telvent’s estimated expenses, Telvent expects to contribute the majority of the net proceeds from the offering of the notes to its subsidiary Telvent DTN, Inc. (Telvent DTN) and for Telvent DTN to use such contribution to repay all amounts outstanding under its credit agreement in full. The remainder of the net proceeds will be used by Telvent for general corporate purposes. http://www.benzinga.com/press-releases/c242858/tech-stock-news-telvent-closes-200-million-private-placement

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