Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Cytyc Corp. > News item |
Cytyc $220 million convertible talked at 2.25-2.75%, up 45-50%
By Ronda Fears
Nashville, March 15 - Cytyc Corp. launched $220 million of 20-year convertible notes talked to yield 2.25% to 2.75% with a 45% to 50% initial conversion premium for pricing after Tuesday's close.
Morgan Stanley & Co. is bookrunner of the Rule 144A deal.
The senior notes will be non-callable for five years with puts in years five, 10 and 15.
There is a 120% contingent conversion trigger and a 120% contingent payment trigger.
A $30 million greenshoe is available.
Boxborough, Ma.-based Cytyc, which makes cervical cancer screening tests, said it would use proceeds to finance its $325 million cash purchase of Novacept, a Palo Alto, Calif.-based maker of medical devices to treat excessive menstrual bleeding.
Cytyc shares closed Monday off 67 cents, or 3.19%, to $20.33. In after-hours trading, the stock was down another 63 cents, or another 3.1%.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.