Aspect prices $110 million seven-year convertibles to yield 2.5%, up 22.5%

New York, June 14 - Aspect Medical Systems, Inc. priced $110 million of seven-year convertible senior notes after the market closed Thursday to yield 2.5% with a 22.5% initial conversion premium.

The yield came in the middle of talk of 2.25% to 2.75% while the initial conversion premium was cheaper than talk of 25% to 30%.

The conversion price is $19.07 and the conversion ratio 52.42.95.

There is an over-allotment option for a further $15 million.

Goldman Sachs is the bookrunner of the Rule 144A offering.

The convertibles will be non-callable and may not be put.

The notes will have dividend and takeover protection.

Aspect Medical, a Norwood, Mass.-based maker of the BIS anesthesia monitoring system, said it will use the proceeds to buy back about 2 million shares of its common stock from Boston Scientific, which will be left with about half of its current stake. The two companies earlier in the week ended their development alliance on the medical device.

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