Price talk for Fluidigm's $175 million 20-year convertibles tightened to 2.75%, up 35%-40%

By Rebecca Melvin

New York, Jan. 29 - Price talk on Fluidigm Corp.'s planned $175 million of 20-year convertible senior notes was revised during marketing Wednesday to a fixed 2.75% coupon and an initial conversion premium of 35% to 40%, according to a syndicate source.

When originally launched early Thursday, the registered deal was talked at a 2.75% to 3.25% coupon and 30% to 35% initial conversion premium.

The 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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