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The notes will be convertible, under certain circumstances, into cash up to the aggregate principal amount of the notes and into shares of Coinstar common stock in respect of the remainder, if any, of the conversion obligation in excess of the aggregate principal amount of the notes. Coinstar will grant the underwriters an option to purchase up to an additional $25 million of convertible senior notes solely to cover over-allotments, if any.
The net proceeds of the convertible senior notes offering will be used to repay the outstanding amounts under Coinstar's term loan under its senior secured credit facility and to pay down a portion of the outstanding amounts under Coinstar's $400 million revolving line of credit under its senior secured credit facility.
In connection with the offering, Morgan Stanley, BofA Merrill Lynch, Jefferies & Company, Inc., and RBC Capital Markets Corp. are joint book-running managers.
Coinstar, Inc. is a provider of automated retail solutions offering convenient products and services. The company's core automated retail businesses are self-service coin counting and self-service DVD rental. Other Coinstar products and services include e-payment products - such as gift cards, prepaid debit cards and other prepaid products - and money transfer services. The company's products and services can be found at more than 90,000 points of presence including supermarkets, drug stores, mass merchants, financial institutions, convenience stores, restaurants, and money transfer agents.
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