Ablynx plans to price €100 million five-year convertibles to yield 3%-3.5%, up 23%-30%

By Rebecca Melvin

New York, May 20 – Ablynx NV has launched an offering of €100 million of five-year convertible bonds at €100,000 par that were talked to yield 3% to 3.5% with an initial conversion premium of 23% to 30% above the reference price of the shares on the Brussels stock exchange on Wednesday, according to a news release.

The bonds are being placed through an accelerated bookbuilding process via BofA Merrill Lynch and J.P. Morgan Securities plc, acting as joint lead managers.

The bonds are non-callable for three years and then provisionally callable if shares exceed 130% of the conversion price.

Proceeds will be used to accelerate development of the company’s proprietary clinical pipeline, initiate pre-commercial activities and to advance earlier stage wholly owned product candidates into the clinic.

Ablynx is a Ghent, Belgium-based biopharmaceutical company.

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