SANTA CLARA, Calif., March 6 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) announced today that it intends to offer, subject to market
conditions and other factors, $175 million aggregate principal amount of
convertible subordinated notes due 2011 through an offering within the United
States to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933. In connection with the offering, the company expects
to grant to the initial purchaser of the notes a 30-day option to purchase an
additional $25 million of the notes solely to cover over-allotments.
The interest rate, maturity and conversion rate applicable to the notes
are to be determined by negotiations between the company and the initial
purchaser. The notes are expected to provide for net share settlement upon
conversion pursuant to which they would be, subject to under certain
conditions, convertible into cash (up to the principal amount of the notes)
and, with respect to any excess conversion value, into cash or shares of
company common stock or a combination, at the company's option.
The company intends to use the net proceeds of the offering to fund a
portion of the merger consideration for its previously announced acquisition
of Excel Technology, Inc. The consummation of the acquisition is subject to a
number of risks and uncertainties. If the Excel acquisition does not occur,
the company intends to use net proceeds of the offering for working capital
and other general corporate purposes, including potential acquisitions.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of these securities and shall not constitute an offer,
solicitation or sale in any jurisdiction in which such offer, solicitation, or
sale is unlawful.
The securities will not be registered under the Securities Act of 1933 or
any state securities laws, and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from the
registration requirements of the Securities Act of 1933 and applicable state
laws.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com
CONTACT:
Peter Schuman of Coherent, Inc.,
+1-408-764-4174
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