ANI Pharmaceuticals greenshoe ups convertible sale to $143.75 million

By Tali Rackner

Norfolk, Va., Dec. 10 – Underwriters for ANI Pharmaceuticals, Inc.’s 3% convertible senior notes due 2019 exercised their over-allotment option in full, adding an additional $18.75 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an upsized $125 million of the five-year convertibles on Dec. 5.

As previously reported, Guggenheim Securities, LLC and Nomura Securities International Inc. were the joint bookrunners of the deal.

The initial conversion rate for the notes will be 14.3916 shares for each $1,000 principal amount of notes, which is equivalent to an initial conversion price of $69.48 per share.

ANI used $15.6 million of the net proceeds from the offering to pay the cost of its convertible note hedge transaction.

Baudette, Minn.-based ANI is a specialty pharmaceutical company targeting development of narcotics, oncolytics, hormones and steroids and extended-release and combination products.

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