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IVAX greenshoe exercised, raising convertibles to $400 million
New York, March 3 - IVAX Corp. said the underwriters of its offering of senior convertible notes due 2024 exercised the $50 million over-allotment option in full, raising the size of the deal to $400 million.
The Miami pharmaceutical company originally sold $350 million of the securities after the market closed on Feb. 26 to yield 1.5% with a 26% initial conversion premium.
UBS Investment Bank was bookrunner for the Rule 144A offering.
IVAX said it will use "a significant portion" of the proceeds to redeem its 5.5% convertible senior notes due 2007. Remaining proceeds will be used for general corporate purposes. IVAX had $249.0 million of the 5.5% convertibles outstanding as of Dec. 31, 2003.
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