Protalix plans to sell $60 million five-year convertibles to yield 4.25%-4.75%, up 15%-20%

By Rebecca Melvin

New York, Sept. 11 - Protalix BioTherapeutics Inc. launched an offering of $60 million of five-year convertibles after the market close Wednesday that were expected to price post close Thursday and were talked to yield 4.25% to 4.75%,with an initial conversion premium of 15% to 20%, according to a syndicate source.

The Rule 144A offering has a $9 million over-allotment option.

Citigroup Global Markets Inc. is a bookrunner. It was not known if other underwriters were on the deal.

The notes are non-callable for three years and then are provisionally callable if shares rise to or exceed 130% of the conversion price.

Proceeds are earmarked to fund clinical trials for the company's product candidates, to fund its research and development activities, to enhance its manufacturing capacity and for working capital and general corporate purposes.

Carmel, Israel-based Protalix is a biopharmaceutical company that focuses on development and commercialization of recombinant therapeutic proteins.

© 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.