By Rebecca Melvin
New York, Sept. 18 – PTC Therapeutics Inc. priced $250 million of 1.5% convertible senior notes due 2026, with an initial conversion premium of 30%, according to a company news release on Wednesday.
Pricing came at cheap end of talked terms for a coupon of 1% to 1.5% and an initial conversion premium of 30% to 35%.
The Rule 144A deal has a $37.5 million greenshoe and was sold via bookrunner Credit Suisse Securities (USA) LLC.
The company was also pricing $100 million of common stock at a share price talked at $40.30 to $41.30. But the convertible note is not contingent upon the common stock offering pricing.
The notes are non-callable until Sept. 20, 2023 and then are provisionally callable for three years if shares exceed 130% of the conversion price.
South Plainfield, N.J.-based PTC is a biopharmaceutical company. Its lead product is Translama (ataluren) for the treatment of muscular dystrophy and cystic fibrosis and is in phase 3 clinical trials.
| Issuer: | PTC Therapeutics Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $250 million
|
| Greenshoe: | $37.5 million
|
| Concurrent offering: | $100 million of common stock
|
| Maturity: | Sept. 15, 2026
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 1.5%
|
| Initial conversion premium: | 30%
|
| Conversion price: | $52.52
|
| Conversion rate: | 19.0404
|
| Call: | Non-callable until Sept. 20, 2023, then provisionally callable at 130% price hurdle
|
| Pricing date: | Sept. 18, before the open
|
| Settlement date: | Sept. 20
|
| Distribution: | Rule 144A
|
| Price talk: | 1%-1.5%, up 30%-35%
|
| Stock symbol: | Nasdaq: PTCP
|
| Stock price: | $43.32 at close on Sept. 17
|
| Market capitalization: | $2.27 billion
|
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