Fluidigm plans to sell $175 million 20-year convertibles to yield 2.75%-3.25%, up 30%-35%

By Rebecca Melvin

New York, Jan. 29 - Fluidigm Corp. plans to price $175 million of 20-year convertible senior notes at par after the market close Thursday that were talked to yield 2.75% to 3.25% with an initial conversion premium of 30% to 35%, according to a preliminary term sheet.

The registered deal has a $26.25 million greenshoe and was being sold via bookrunner Piper Jaffray & Co.

The notes are non-callable for four years and then are provisionally callable for three years if the closing stock price is greater than 130% of the conversion price for at least 20 days out of 30.

There are investor puts in years seven, 10 and 15, as well as takeover and dividend protection.

About $119.7 million of the proceeds will be used to fund the acquisition of DVS Sciences Inc. Remaining proceeds will be used for research and development, commercialization of products, working capital and other general corporate purposes.

South San Francisco, Calif.-based Fluidigm develops, makes and markets integrated microfluidic circuit systems.

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