Encysive greenshoe exercised, raising convertibles to $130 million

By Caroline Salls

Pittsburgh, March 16 - Encysive Pharmaceuticals said the underwriters of its recent offering of convertible senior notes due 2012 exercised the $15 million over-allotment option in full, raising the size of the deal to $130 million.

The Houston-based company originally sold $115 million of the securities after the close on March 10 to yield 2.5% with a 35% initial conversion premium.

UBS Investment Bank and JPMorgan Securities were the bookrunners for the Rule 144A deal.

Proceeds will be used to fund further clinical development, marketing and pre-launch activities related to the drug Thelin and for further research and development of other product candidates, as well as for general corporate purposes, including capital expenditures and working capital.

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