Invitrogen greenshoe exercised, bringing convertible offering to $350 million

By Jennifer Chiou

New York, June 16 - Invitrogen Corp. announced the underwriters of its 3.25% senior convertible notes due 2025 exercised in full a $25 million greenshoe option, bringing the total offering to $350 million.

Invitrogen originally priced $325 million of the convertibles after the close on Tuesday to yield 3.25% with a 27.5% initial conversion premium. The deal was upsized at pricing from $300 million.

Bookrunners for the Rule 144A deal were UBS Investment Bank and Banc of America. The Carlsbad, Calif.-based biotechnology company plans to use a portion of the net proceeds to pay off $124 million under a revolving line of credit with Bank of America, NA.

Remaining proceeds will go towards potential acquisitions and for general corporate purposes, including the repayment or redemption of other outstanding debt.

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