Qiagen adjusts conversion ratio of 0.375% notes for synthetic buyback

By Susanna Moon

Chicago, Jan. 26 – Qiagen NV said it adjusted the conversion ratio of its 0.375% senior convertible notes due 2019.

The conversion ratio was adjusted to 7,063.1647 from 7,334.8249, effective Wednesday, according to a company announcement.

The conversion ratio was adjusted under the note terms to reflect the impact of a synthetic share repurchase, which combines a direct capital repayment with a reverse stock split, the release noted.

In the synthetic share repurchase, every 27 issued Qiagen shares were consolidated into 26 Qiagen shares at close of business on Jan. 24, and, after the consolidation, the company will issue to its shareholders a capital repayment of $1.04 per pre-split share.

The capital repayment will be funded with existing cash reserves.

Qiagen is a Venlo, Netherlands-based provider of sample and assay technologies used to transform biological materials into molecular information.

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