New Issue: Apogent converts upsized to $250 mln, yield 2.25%, up 32%

St. Louis, Mo., Oct. 5 - Apogent Technologies Inc. increased its offering of senior convertible contingent debt securities - sold under the trade name of CODES - to $250 million from a planned $200 million, according to sources familiar with the deal. The convertibles were priced to yield 2.25% with an initial conversion premium of 32%, at the aggressive end of price talk which had put the yield at 2.25% to 2.75% and the conversion premium at 28% to 32%.

Joint bookrunners for the Rule 144A offering were Lehman Brothers and Credit Suisse First Boston.

Apogent, a Portsmouth, N.H.-based maker of clinical diagnostics and life science instruments and consumables, will use proceeds to repay debt and for general corporate purposes.

Issuer: Apogent Technologies Inc.

Amount: $250 million

Greenshoe: $50 million

Maturity: Oct. 15, 2021

Coupon: 2.25%

Price: Par

Initial conversion premium: 32% (over $23.10 close on Thursday)

Conversion price: $30.49

Conversion ratio: 32.7955

Call protection: 3 years

Puts: Years 3, 4, 10 and 15

Contingent conversion: 120%

Settlement: Oct. 10 flat

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