Isis Pharma may buy back 2.625% convertibles using offer proceeds

By Ashley Montgomery

Kansas City, Kan., Aug. 6 - Isis Pharmaceuticals, Inc. may use the proceeds from its $175 million convertible offering to repurchase a portion of its 2.625% convertible subordinated notes due 2027, the company said in a news release.

The notes would be redeemed in individually negotiated transactions.

The new issue also carries an over-allotment option for an additional $26.25 million.

Any remaining proceeds following the repurchase may be used for future repurchases and redemptions of the notes or for general corporate purposes.

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