Affymetrix prices upsized $275 million convertibles at 3.5%, up 39%

By Evan Weinberger

New York, Nov. 13 - Affymetrix Inc. priced an upsized $275 million in unsecured senior convertible notes due Jan. 15, 2038 Tuesday after the market close with a 3.5% coupon and a 39% initial conversion premium.

The deal came with a coupon at the cheap end of talk of 3% to 3.5% and a conversion premium richer than talk of 30% to 35%. It was announced Tuesday before the open at an amount of $250 million.

JPMorgan is the bookrunner of the registered transaction.

There is a $41.25 million over-allotment option, increased from $37.5 million.

The conversion price is $30.12 and the conversion ratio 33.1991.

The convertibles are callable beginning Jan. 15, 2013 and there are puts on Jan. 15 in each of 2013, 2018 and 2028. The convertibles have dividend and takeover protections.

Affymetrix is a Santa Clara, Calif.-based genetic testing equipment manufacturer. The company plans to use the proceeds for general corporate purposes, including the potential repurchase of some or all of its outstanding 0.75% senior convertible notes due 2033.

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