By Rebecca Melvin
New York, Nov. 20 – Fluidigm Corp. priced an upsized $50 million of five-year convertible senior notes at par on Wednesday to yield 5.25% with an initial conversion premium of 25%, according to a syndicate source.
The deal was initially talked at $45 million in size, and pricing came at the terms that were talked at launch early Wednesday.
The Rule 144A deal has a $5 million greenshoe and was being sold via Barclays as bookrunner.
The notes are non-callable, and they are convertible at Fluidigm’s option between Dec. 1, 2021 and Dec. 1, 2022, if the volume weighted average price of the common stock has been at least 150% of the conversion price for 20 out of 30 trading days. After Dec. 1, 2022, the notes may be converted at a price hurdle of 130% for 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.
| Issuer: | Fluidigm Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $50 million
|
| Greenshoe: | $5 million
|
| Maturity: | Dec. 1, 2024
|
| Bookrunner: | Barclays
|
| Coupon: | 5.25%
|
| Conversion premium: | 25%
|
| Conversion price: | $2.90
|
| Conversion ratio: | 344.8276 shares
|
| Contingent conversion: | Yes
|
| Calls: | None
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 22
|
| Distribution: | Rule 144A
|
| Price talk: | 5.25%, up 25%
|
| Stock symbol: | Nasdaq: FLDM
|
| Stock reference price: | $2.32 closing price on Nov. 19
|
| Market capitalization: | $152 million
|
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