By Susanna Moon
Chicago, March 13 – Fluidigm Corp. said it will exchange another $25 million principal amount of its 2.75% convertible senior notes due 2034 for an equal amount of new 2.75% exchange convertible senior notes due Feb. 1, 2034.
Fluidigm entered into separate privately negotiated transactions for the exchange, according to a company announcement.
The add-on exchange notes, along with the $125 million of exchange notes issued March 6, will form a single class of $150 million principal amount of exchange notes, the company noted.
As announced March 2, the exchange notes are convertible at any time and have an initial conversion rate of 126.9438 common shares per $1,000 principal amount, which amounts to an initial conversion price of about $7.88 per share of Fluidigm’s common stock.
The conversion price is a 15.04% premium to the company’s closing price on March 1.
The company’s stock (Nasdaq: FLDM) closed at $6.85 on March 1.
The notes are putable at par on Feb. 6, 2023, Feb. 6, 2026 and Feb. 6, 2029 or if Fluidigm undergoes a fundamental change.
Before Feb. 6, 2023, holders who choose to convert their exchange notes before the exercise of the company’s issuer conversion option or in connection with a make-whole fundamental change may receive a make-whole premium in the form of an increase in the conversion rate by a number of additional shares, the release noted.
Beginning Feb. 6, 2022, Fluidigm said it may redeem the exchange notes at par in cash plus accrued interest but excluding the redemption date.
South San Francisco, Calif.-based Fluidigm develops, makes and markets integrated microfluidic circuit systems.
Exchange new issue
| Issuer: | Fluidigm Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $150 million, up from $125 million
|
| Maturity: | Feb. 1, 2034
|
| Coupon: | 2.75%
|
| Conversion premium: | 15.04%
|
| Conversion price: | $7.88
|
| Conversion rate: | 126.9438 common shares per $1,000 principal amount
|
| Call option: | At par beginning Feb. 6, 2022
|
| Put option: | At par on Feb. 6, 2023, Feb. 6, 2026 and Feb. 6, 2029 or upon fundamental change
|
| Pricing date: | March 2 for $125 million, March 13 for $25 million
|
| Settlement date: | March 6 for $125 million, March 15 for $25 million
|
| Stock ticker: | Nasdaq: FLDM
|
| Stock price: | $6.85 on March 1
|
© 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.
