Alesco boosts note offering
Alesco Financial Inc., Philadelphia, said it had boosted the principal amount of an offering of senior notes due 2027 to $115 million from the initially planned $75 million.
Alesco Financial Inc., Philadelphia, said it had boosted the principal amount of an offering of senior notes due 2027 to $115 million from the initially planned $75 million.
The company said it would use $32.1 million of the proceeds to buy back shares at a price of $9.55 per share.
The contingent convertible notes have a coupon rate of 7.625 percent and under certain circumstances are convertible into Alesco shares at an initial conversion price of $11.70.
Shares in Alesco, a specialty finance company, trade down 13 cents this morning, $9.42 on the New York Stock Exchange.