By Evan Weinberger
New York, Nov. 14 -- Affymetrix Inc. priced an upsized $275 million in 3.5% unsecured senior convertible notes due Jan. 15, 2038 with an initial conversion premium of 39% Tuesday after the market close.
The convertibles were originally announced at $250 million. The coupon came in at the cheap end of talk, which had been 3% to 3.5%, and beyond the rich end of the initial conversion premium talk, which had been 30% to 35%.
JPMorgan is the bookrunner of the registered transaction. There is an upsized $41.25 million over-allotment option. The greenshoe was initially announced at $37.5 million.
The convertibles have a conversion price of $30.12 and a conversion ratio of 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.
Issuer: Affymetrix Inc.
Issue: Unsecured senior convertible notes
Amount: $275 million
Greenshoe: $41.25 million
Maturity: Jan. 15, 2038
Coupon: 3.5%
Price: Par
Yield: 3.5%
Conversion premium: 39%
Conversion price: $30.12
Conversion ratio: 33.1991
| Call: | Beginning Jan. 15, 2013 at par
|
| Put: | Jan. 15 in each of 2013, 2018 and 2028
|
| Bookrunner: | JPMorgan
|
| Distribution: | Registered transaction
|
| Pricing date: | Nov. 13, after close
|
| Settlement date: | Nov. 16
|
| Talk: | $250 million principal amount; $37.5 million greenshoe; 3%-3.5% coupon; 30%-35% conversion premium
|
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