By Kenneth Lim
Boston, Feb. 13 - Illumina Inc. priced an upsized $350 million of seven-year convertible senior notes within talk on Monday after the market closed, at a coupon of 0.625% and an initial conversion premium of 25%.
The notes were offered at par. They were talked at a coupon of 0.5% to 1% and an initial conversion premium of 22.5% to 27.5%.
The size of the deal was originally $325 million. The over-allotment option remains at an additional $50 million.
Goldman Sachs was the bookrunner of the Rule 144A offering.
The notes are non-callable and may not be put.
The notes have full dividend and takeover protection.
Illumina, a San Diego-based developer of genetic research tools, said it will use $200 million of the proceeds to concurrently buy back its common stock in privately negotiated transactions, to fund general purposes and to fund convertible note hedge and warrant transactions.
| Issuer: | Illumina Inc.
|
| Issue: | Convertible senior notes
|
| Bookrunner: | Goldman Sachs
|
| Amount: | $350 million
|
| Greenshoe: | $50 million
|
| Maturity: | Feb. 15, 2014
|
| Coupon: | 0.625%
|
| Price: | Par
|
| Yield: | 0.625%
|
| Conversion premium: | 25%
|
| Conversion price: | $43.66
|
| Conversion ratio: | 22.9029
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Call protection: | Non-callable
|
| Puts: | None
|
| Price talk: | 0.5%-1%, up 22.5%-27.5%
|
| Pricing date: | Feb. 12, after the close
|
| Settlement date: | Feb. 16
|
| Distribution: | Rule 144A
|
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