Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

DFC Global Closes Sale Of $230 Mln Of Senior Convertible Notes

DFC Global Corp. (DLLR: Quote) said Monday that it has consummated the sale of $230 million aggregate principal amount of 3.25% senior convertible notes due 2017, which includes the exercise in full of the initial purchasers' overallotment option.

In connection with the offering of the notes, the company has entered into convertible note hedge transactions in respect of its common stock with affiliates of the initial purchasers of the notes. The convertible note hedge transactions are intended to reduce the potential dilution upon future conversion of the notes.

In addition, the company has entered into separate warrant transactions with the option counterparties at a higher strike price. The warrant transactions could separately have a dilutive effect to the extent that the market value per share of the company's common stock exceeds the applicable strike price of the warrants.

The net proceeds from the offering was about $222.0 million, after deducting the initial purchasers' discounts and the estimated offering expenses. The company applied a portion of the net proceeds from the offering and the sale of the warrants to fund the costs and expenses of the convertible note hedge transactions, and the company expects to apply the remaining net proceeds to repay certain indebtedness and for other general corporate purposes, which may include acquisitions, investments and repurchases of company common stock from time to time pursuant to the company's previously announced share repurchase program.

Register
To receive FREE breaking news email alerts for DFC Global Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Beverages giant Coca-Cola Co. reported Tuesday a profit for the third quarter that decreased 14 percent from last year, despite higher worldwide volumes, reflecting a revenue drop. Adjusted earnings per share matched analysts' expectations, even as quarterly revenues missed their estimates. Following the announcement, the company's shares are trading more than five percent lower in early deals. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Programmable chipmaker Xilinx Inc. (XLNX) said Thursday after the markets closed that its second quarter profit rose 21% from last year, helped by higher revenue and better cost control. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.