ViroPharma greenshoe exercised, raising 2% convertibles to $250 million

By Angela McDaniels

Seattle, March 26 - ViroPharma Inc. said the underwriter of its recent offering of 2% convertible senior notes due 2017 exercised its $25 million over-allotment option in full on Thursday, raising the size of the deal to $250 million.

The company priced $225 million of the convertibles with a $18.87 conversion price and a 32.5% initial exchange premium via bookrunner Goldman Sachs after the close on March 20.

The issue was upsized to $225 million from $200 million, and the greenshoe was reduced to $25 million from $30 million.

ViroPharma, an Exton, Pa., biotech company, plans to use $20.9 million of the proceeds to fund convertible note hedge and warrant transactions and the remainder for general purposes such as strategic investments or acquisitions of products, technologies or complementary businesses.

© 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.