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UTi Worldwide Announces Closing Of Offering Of $400 Million 4.50% Convertible Senior Notes Due 2019 And $175 Million 7.00% Convertible Preference Shares

Stocks in this article: UTIW

LONG BEACH, Calif., March 4, 2014 (GLOBE NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced that it has completed both of its previously announced private offerings, which consisted of $350 million aggregate principal amount of 4.50% Convertible Senior Notes due 2019 (the "Notes") and $175 million of 7.00% Convertible Preference Shares. The Company also granted the initial purchasers in the Notes offering an option to purchase up to an additional $50 million aggregate principal amount of the Notes, which option has been exercised in full, increasing the aggregate principal amount of the Notes to $400 million. The net proceeds of the offerings were approximately $555 million. The Company intends to use the net proceeds of the offerings to repay debt and for other general corporate purposes.

In addition, the Company intends at its next annual general meeting to seek the applicable shareholder approval to provide the Company the option to settle the Notes in cash upon conversion. If the Company obtains the applicable shareholder approval, it will be able to elect to settle the Notes upon conversion with cash, ordinary shares or a combination of cash and ordinary shares depending on the circumstances at the time. If the Notes were to be settled in cash, there would be no equity dilution associated with the issuance of the Notes unless and until the price of our ordinary shares exceeds $14.50, in which case only the value in excess of $14.50 would result in equity dilution.

The Notes, the Convertible Preference Shares and UTi's ordinary shares issuable upon conversion thereof, if any, have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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