ICOS says greenshoe exercised, raising convertibles to $278.65 million

New York, July 16 - ICOS Corp. said underwriters of its recent offering of convertible subordinated notes due 2023 partially exercised the over-allotment option, raising the size of the deal by $28.65 million to $278.65 million.

The Bothell, Wash. biotech company originally sold $250 million of the convertibles after the market closed on June 16 to yield 2.0% with a 43.4% initial conversion premium. The greenshoe was for up to $50 million.

Credit Suisse First Boston and Goldman Sachs & Co. were joint bookrunners for the Rule 144A deal.

ICOS said proceeds would be used for the anticipated U.S. commercial launch of Cialis - a treatment of erectile dysfunction developed in a joint venture with Eli Lilly - and research and development activities, working capital and other general corporate purposes.

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