Fluidigm greenshoe exercise increases convertibles to $201.25 million

By Angela McDaniels

Tacoma, Wash., Feb. 4 - The $26.25 million over-allotment option for Fluidigm Corp.'s convertible senior notes due 2034 was exercised in full, increasing the issue size to $201.25 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company priced $175 million of the convertibles at par after the market close on Jan. 29 to yield 2.75% with an initial conversion premium of 40%.

Piper Jaffray & Co. was the bookrunner.

The notes are non-callable for four years. They are then 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 any 30 consecutive trading days. Beginning Feb. 6, 2021, they are callable without any such condition. The call price in all cases is par.

There are investor puts at par in years seven, 10 and 15. There is also takeover protection and dividend protection via a conversion ratio adjustment for dividends paid on the common stock.

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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