Alexion prices $125 million convertibles to yield 1.375%, up 35%

New York, Jan. 19 - Alexion Pharmaceuticals, Inc. priced $125 million of convertible senior notes due 2012 to yield 1.375% with a 35% initial conversion premium.

The deal priced at a yield at the middle of talk of 1.125% to 1.625% and a conversion premium at the rich end of the 30% to 35% talk.

Morgan Stanley & Co. Inc. is sole bookrunner of the Rule 144A deal, which priced after Wednesday's close. Co-managers are JPMorgan Securities, SG Cowen and Bear Stearns.

The notes convert at $31.46 per share or a ratio of 31.7914.

The securities are non-callable.

A $25 million greenshoe is available.

Cheshire, Conn.-based Alexion, which is engaged in the discovery of treatments for hematologic, cardiovascular and autoimmune disorders, said it would use proceeds from the new convertible to retire its 5.75% convertibles due 2007 and for general corporate purposes.

© 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.