Nabi $125 million convertible talked to yield 2.375%-2.875%, up 30%-35%

By Ronda Fears

Nashville, April 11 - Nabi Biopharmaceuticals launched $125 million of 20-year convertible notes after the close with guidance of a 2.375% to 2.875% coupon and 30% to 35% initial conversion premium.

Lehman Brothers Inc. is the bookrunner for the Rule 144A deal, which was scheduled to price after Wednesday's market close.

The senior unsecured notes will be non-callable for five years with puts in years seven, 10 and 15. There is full dividend and takeover protection.

A $20 million greenshoe is available.

Nabi Biopharmaceuticals said it plans to use proceeds for general corporate purposes and clinical trials, to fit out an expanded leased research and development facility, for acquisitions and for working capital.

Boca Raton, Fla.-based Nabi Biopharmaceuticals commercializes and develops treatments for infectious, autoimmune and addictive diseases.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.