Incyte greenshoe exercised, upping convertibles to $151.8 million

By Laura Lutz

Des Moines, Sept. 26 - Incyte Corp. announced that the greenshoe in its previously announced offering of 3.5% convertible senior notes due 2011 was fully exercised, for a total size of $151.8 million.

The deal came to market on Sept. 21 as a $132 million offering, priced at 78.

The notes, which mature in Feb. 15, 2011, have a par value of $1,000 and will yield 9.78% to maturity.

Piper Jaffray was the bookrunner of the Rule 144A offering.

The notes have an initial conversion price of $11.22 per share, or an initial conversion rate of 89.1385 shares per note.

Incyte, a Wilmington, Del.-based drug maker, said it will use the proceeds of the offering to redeem its outstanding 5.5% convertible subordinated notes due Feb. 1, 2007. Any remaining proceeds will be used for general corporate purposes.

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