Company roundup

  • Updated: March 19, 2013 - 5:59 PM

DEBT AND EQUITIES

Cardiovascular Systems Inc., St. Paul, said it intends to sell shares of its common stock, subject to market and other conditions, in an underwritten public offering. All of the shares in the offering are to be sold by CSI. CSI also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. Leerink Swann LLC is acting as the sole book-running manager of the offering. JMP Securities is acting as co-manager.

Patterson Cos. Inc., Mendota Heights, declared a quarterly cash dividend of 16 cents per diluted share, an increase from $0.14 per diluted share, payable April 30 to shareholders of record April 12. The board of directors also approved a new share repurchase authorization plan of up to 25 million shares that replaces any remaining authorization from Patterson’s previous plan.

Medtronic Inc., Fridley, sold $3 billion of bonds in three parts in its first sale in a year. The company may sell $1 billion of five-year securities to yield 63 basis points more than similar-maturity Treasurys, $1.25 billion of 10-year notes at a relative yield of 88 basis points and $750 million of 30-year debentures at a spread of 98, according to a person familiar with the transaction. The bonds are graded A2 by Moody’s Investors Service. Proceeds will be used for working capital and general corporate purposes. The company also announced a registered offering of $1 billion of its 1.375 percent senior notes due in 2018, $1.25 billion of its 2.75 percent senior notes due 2023 and $750 million of its 4 percent senior notes. The closing of the offering is expected March 26, subject to satisfaction of customary closing conditions. The notes will be unsecured obligations of Medtronic.

Two Harbors Investment Corp., Minnetonka, has priced a public offering of 50 million common shares at $13.46 per share, for total gross proceeds (before underwriting discount and commissions and estimated expenses) of about $673 million. The company has granted the underwriters an option for 30 days to purchase up to an additional 7.5 million common shares to cover over-allotments, if any. The offering is expected to close on or about March 22. The company expects to use the net proceeds from this offering to make additional acquisitions of its target assets, including residential mortgage-backed securities, prime jumbo residential mortgage loans, credit sensitive residential mortgage loans and mortgage servicing rights, and general corporate purposes.

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