said Wednesday that it intends to offer up to $300 million aggregate principal amount of convertible senior subordinated notes due 2011 to qualified institutional buyers.
Upon conversion, the holder will receive an amount in cash and, in certain circumstances at the option of the company, shares of its common stock.
The company intends to use the proceeds from the offering to purchase about $100 million of shares of its common stock and to make a contribution to its defined benefit pension plan and for other general corporate purposes.
The Edina, Minn.-based company also plans to enter into convertible note hedge transactions with one or more of the initial purchasers of the notes to offset potential dilution to the company's common stock upon potential future conversion of the notes.
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