QLT greenshoe exercised, raising convertibles to $172.5 million

New York, Aug. 14 - QLT Inc. said underwriters of its recent offering of $150 million convertible notes due 2023 exercised the over-allotment option in full, raising the size of the deal to $172.5 million.

The Vancouver biopharmaceutical company originally sold $150 million of the convertibles after the market closed on Aug. 11 to yield 3.0% with a 30% initial conversion premium.

UBS Investment Bank was the bookrunner on the Rule 144A deal.

Proceeds will be used for working capital and general corporate purposes, including acquisitions, and to repurchase common shares in the open market under the company's stock repurchase program.

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