UPDATE 1-CommScope plans notes, stock offerings

Wed May 20, 2009 10:57pm BST
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* To offer convertible senior subordinate notes due 2015.

* Also offer 8 mln common stock

* Proceeds will be used to repay some debt

* Shares down 4 pct

May 20 (Reuters) - Communications cable maker CommScope Inc (CTV.N: Quote, Profile, Research) said it plans to raise $200 million from a notes offering and sell eight million shares, the proceeds from which will be used to repay some debt.

CommScope also said it will grant an additional 1.2 million shares of common stock to its underwriters

The company said if the proceeds from the two offerings exceed $400 million, then the extra amount would be used for general corporate purposes, including paying down additional debt under its credit facilities.

J.P. Morgan Securities Inc, Merrill Lynch & Co and Wachovia Capital Markets are acting as joint book-running managers for the convertible senior subordinated notes offering, the company said.

Shares of the company fell 4 percent to $24.05 in trading after the bell. They closed at $25.03 Wednesday on the New York Stock Exchange. (Reporting by Shrutika Verma in Bangalore; Editing by Anil D'Silva)

 
 

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