New Issue: Nabi sells downsized $100 million convertible to yield 2.875%, up 30%

Nashville, April 14 - Nabi Biopharmaceuticals sold a downsized $100 million of 20-year convertible notes at par to yield 2.875% with a 30% initial conversion premium via bookrunner Lehman Brothers Inc.

The Rule 144A deal, cut from $125 million, priced at the cheap end of guidance for a 2.375% to 2.875% coupon and 30% to 35% initial conversion premium.

Nabi Biopharmaceuticals said it "elected to limit the transaction based on current market conditions for convertible debt."

The Boca Raton, Fla.-based biotech firm 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.

Terms of the deal are:

Issuer:	Nabi Biopharmaceuticals
Issue:	Convertible senior unsecured notes
Bookrunner:	Lehman Brothers Inc.
Amount:	$100 million, cut from $125 million
Greenshoe:	$20 million, unchanged
Maturity:	April 15, 2025
Coupon:	2.875%
Price:	Par
Yield:	2.875%
Conversion premium:	30%
Conversion price:	$14.32
Conversion ratio:	69.8348
Contingent conversion:	No
Contingent payment:	No
Dividend protection:	Yes
Takeover protection:	Yes
Call:	Non-callable for 5 years
Put:	In years 7, 10 and 15
Price talk:	2.375%-2.875%, up 30%-35%
Pricing date:	April 13, after market close
Settlement date:	April 21
Distribution:	Rule 144A

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