By Angela McDaniels
Tacoma, Wash., Sept. 12 - Protalix BioTherapeutics Inc. priced $60 million of five-year convertible notes after the market close Thursday with a 4.5% coupon and a 22% initial conversion premium.
The convertibles 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 the bookrunner.
The notes are non-callable for three years. Holders will have a put option at par if a fundamental change occurs.
According to the market source, the convertibles were expected to be provisionally callable after three years if the share price rises to 130% of the conversion price or more.
Proceeds will be used 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 focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell-based expression system, ProCellEx.
| Issuer: | Protalix BioTherapeutics Inc.
|
| Issue: | Convertible notes
|
| Amount: | $60 million
|
| Greenshoe: | $9 million
|
| Maturity: | Sept. 15, 2018
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 22%
|
| Conversion price: | $5.76
|
| Conversion ratio: | 173.6593
|
| Call option: | Callable beginning Sept. 19, 2016
|
| Put option: | At par upon occurrence of fundamental change
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 18
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE MKT: PLX
|
| Stock price: | $4.72 at close Sept. 12
|
| Market capitalization: | $435.64 million
|
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