New Issue: Qiagen NV sells $150 million convertible at 1.5%, up 47.5%; repriced at 99

Nashville, Aug. 4 - Qiagen NV sold $150 million of 20-year convertible bonds with a 1.5% coupon and 47.5% initial conversion premium via sole bookrunner Goldman Sachs & Co., which market sources in Europe said repriced the bonds at 99.

The Regulation S deal priced at the wide end of coupon talk of 0.875% to 1.5% and at the middle of premium guidance for 45% to 50%.

Netherlands-based Qiagen said proceeds would be used for general corporate purposes, including the repayment of debt and potential acquisitions. Roland Sackers, Qiagen chief financial officer, said the financing would contribute to optimizing the firm's balance sheet structure.

Terms of the deal are:

Issuer:	Qiagen NV
Issue:	Convertible bonds
Bookrunner:	Goldman Sachs & Co.
Amount:	$150 million
Greenshoe:	$22.5 million
Maturity:	Aug. 15, 2024
Coupon:	1.5%
Price:	Par
Reoffer price:	99
Conversion premium:	47.5%
Conversion price:	$12.6449
Conversion ratio:	79.0833
Call:	Non-callable for 7 years, then with 120% trigger
Put:	In years 7, 10 and 15
Price talk:	0.875-1.5%, up 45-50%
Pricing date:	Aug. 4
Settlement date:	Aug. 18
Distribution:	Regulation S

© 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.