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Convertibles Calendar: Microchip to price $1 billion deal
February 5
MICROCHIP TECHNOLOGY INC.:
$1 billion convertible senior subordinated notes
Maturity 2025
$150 million greenshoe
Rule 144A
Price talk 1.625%-2.125%, up 37.5%-42.5%
Non-callable for life
Takeover protection
Joint bookrunners J.P. Morgan Securities LLC and Wells Fargo Securities LLC, with passive bookrunners BofA Merrill Lynch, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and U.S. Bank
Proceeds to retire a portion of companys outstanding 2.125% convertibles due 2037 with remaining proceeds to be used to reduce borrowings under its credit facility, which was amended on Wednesday
Chandler, Ariz.-based semiconductor maker
Nasdaq listing: MCHP
On The Horizon
ONCOTHYREON INC.:
Convertible series B preferred shares
Concurrent public offering of common stock
Registered
Bookrunner Jefferies LLC
Proceeds to fund the continued development of companys pharmaceutical candidates and for other general corporate purposes, including other discovery or preclinical research and product development
Seattle-based development-stage pharmaceutical company
Nasdaq listing: ONTY
INOTEK PHARMACEUTICALS CORP.:
Convertible senior notes
Maturity 2019
Concurrent initial public offering of common stock
Registered
Non-callable for life
Takeover and dividend protection
Joint bookrunners Cowen & Co. LLC, Piper Jaffray & Co., Canaccord Genuity Inc. and Nomura Securities International Inc.
Proceeds to fund the continued development of its pharmaceutical candidates and for other general corporate purposes, including repayment of borrowings under and the termination of existing notes payable agreements
Beverly, Mass.-based development-stage pharmaceutical company
Proposed Nasdaq listing: ITEK
CARNIVAL GROUP INTERNATIONAL HOLDING LTD.:
Unsecured senior convertible bonds
Bookrunner Deutsche Bank AG, Hong Kong Branch
Regulation S
Concurrent equity swap with Deutsche Bank AG, London Branch as equity swap counterparty
Proceeds to fund existing and new projects; entry into the equity swap; and for working capital and other general corporate purposes
Bermuda-based investment holding company engaged in leisure and consumption businesses
Hong Kong: 00996
PLATFORM SPECIALTY PRODUCTS CORP.:
Convertible securities as part of a funding package of cash, convertibles, debt and equity
Proceeds to fund $3.51 billion acquisition of Arysta LifeScience Ltd., a Tokyo-based provider of agrochemical and biological products
Barclays, Credit Suisse Securities (USA) LLC, Nomura Securities International LLC and UBS AG acted as M&A advisers and have committed financing for the acquisition
Anticipated closing in first quarter 2015
Miami-based specialty chemicals company
NYSE: PAH
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