Henry Schein greenshoe exercised, raising convertibles to $240 million

New York, Aug. 9 - Henry Schein Inc. said the underwriters of its recent offering of convertible senior notes due 2034 exercised the $40 million over-allotment option in full, raising the size of the deal to $240 million.

The Melville, N.Y.-based provider of healthcare products and services to office-based practitioners in North America and Europe originally priced $200 million of the securities before the market opened on Aug. 4 via joint bookrunners Lehman Brothers and JPMorgan Securities.

The securities were priced to yield 3% with a 41% initial conversion premium.

Henry Schein will use proceeds to repay $195 million of debt including a $150 million bridge loan incurred in its acquisition of the Demedis GmbH group and for general corporate expenses.

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