Dendreon talks $75 million seven-year convertibles at 3.5%-4%, up 20%-25%, to price Tuesday

By Kenneth Lim

Boston, June 4 - Dendreon Corp. plans to price $75 million of seven-year convertible senior subordinated notes on Tuesday after the market closes, talked at a coupon of 3.5% to 4% and an initial conversion premium of 20% to 25%.

The convertibles will be offered at par.

There is an over-allotment option for a further $25 million.

Merrill Lynch was the bookrunner of the Rule 144A offering.

The convertibles will be non-callable and may not be put.

The notes will have dividend and takeover protection.

Dendreon, a Seattle-based biotechnology company, said the proceeds of the deal will be used to develop the commercialization and manufacturing of its prostate cancer drug Provenge, to research other products and to fund general purposes.

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