Knowles prices upsized USD150m convertible notes offering

Knowles Corporation (NYSE: KN) has priced USD150 million aggregate principal amount of convertible senior notes due 2021 in a private placement to qualified institutional buyers, the company said.

The size of the offering was increased by USD25 million from the previously announced offering size of USD125 million. Knowles also granted the initial purchasers of the notes a 30-day option to purchase up to an additional USD22.50 million aggregate principal amount of the notes.

The sale of the notes to the initial purchasers is expected to settle on May 4, 2016, subject to customary closing conditions, and is expected to result in approximately USD144.25 million in net proceeds to Knowles after deducting the initial purchasers´ discount and estimated offering expenses payable by Knowles (assuming no exercise of the initial purchasers´ option).

J.P. Morgan is acting as sole book-running manager and BofA Merrill Lynch is acting as joint lead manager for the offering.

Knowles Corporation designs, manufactures, and sells micro-acoustic, audio processing, and specialty component solutions to the mobile consumer electronics, communications, medical, military, aerospace, and industrial markets worldwide. It was incorporated in 2013 and is headquartered in Itasca, Illinois.