Fluidigm to sell $45 million five-year convertibles at 5%, up 25%

By Rebecca Melvin

New York, Nov. 20 – Fluidigm Corp. plans to price $45 million of five-year convertible senior notes that were being talked to yield 5% with an initial conversion premium of 25%, according to market sources on Wednesday.

The Rule 144A deal has a $5 million greenshoe and was being sold via Barclays as bookrunner.

The notes are non-callable. They are convertible at Fluidigm’s option between Dec. 1, 2021 to Dec. 1, 2022, if the volume weighted average price of the common stock has been at least 150% of the conversion price for at least 20 trading days out of 30 days. After Dec. 1, 2022, the notes may be converted at a 130% price hurdle for at least 20 out of 30 trading days.

The proceeds will be used, together with cash on hand, to repurchase up to about $50 million of its 2.75% convertible notes due 2034 in negotiated transactions with institutional investors concurrently with the offering. The remaining proceeds are earmarked for working capital and other general corporate purposes, which may include capital expenditures, repurchase of more convertibles, potential acquisitions and strategic transactions.

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

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