EFI to offer $300 million in senior notes

EFI has said that it plans to offer $300 million worth of convertible senior notes due 2019 in a private offering to qualified institutional buyers. It will also offer the buyers a further $45 million worth of notes exercisable within a 13-day period from, and including, the date of initial issuance.

The initial conversion rate, interest rate and certain other terms of the Notes will be determined at the time of the pricing of the offering. If and when issued, the Notes will be unsecured senior obligations of the Company and will pay interest in arrears on March 1 and September 1 of each year, beginning next year. The Notes will mature on September 1, 2019, unless repurchased or converted in accordance with their terms prior to such date.

EFI has said that it plans to use some of the funds that this move will generate to pay the cost of certain convertible note hedge transactions and to repurchase up to $10 million of shares of the Company’s common stock in privately negotiated transactions. The remainder will go towards general corporate purposes, including additional stock repurchases and potential acquisitions and strategic transactions though EFI was quick to point out that there were no pending acquisition agreements.


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