By Abigail W. Adams
Portland, Me., Dec. 11 – Qiagen NV priced an upsized $500 million seven-year convertible notes at par to yield 0% with an initial conversion premium of 55%, according to a company news release.
Pricing came at the cheap end of talk for an offer price of par to 102 to yield 0% to negative 0.28% and at the rich end of talk for an initial conversion premium of 45% to 55%, according to a market source.
Goldman Sachs International, Deutsche Bank, and BofA Securities are joint global coordinators and bookrunners for the Regulation S offering.
BNP Paribas, HSBC and UniCredit Bank are also joint bookrunners.
The initial size of the offering was $450 million.
The bonds are contingently convertible until June 17, 2026.
The convertibles are non-callable for five years and then subject to a 130% hurdle.
The notes are putable on Dec. 17, 2025 or upon a fundamental change or delisting event.
Upon conversion, the bonds will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used to repurchase $172.8 million of the principal amount of the company’s 0.875% convertible notes due 2021, to settle warrants related to the 2021 notes and for general corporate purposes.
Qiagen is a Venlo, Netherlands-based molecular diagnostics company.
| Issuer: | Qiagen NV
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| Securities: | Convertible notes
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| Amount: | $500 million
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| Maturity: | Dec. 17, 2027
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| Bookrunners: | Goldman Sachs International, Deutsche Bank, BofA Securities, BNP Paribas, HSBC and UniCredit Bank
|
| Coupon: | 0%
|
| Price: | Par
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| Yield: | 0%
|
| Conversion premium: | 55%
|
| Conversion price: | $80.7218
|
| Call options: | Non-callable for five years and then subject to a 130% hurdle
|
| Put options: | On Dec. 17, 2025 or upon a change-of-control or delisting event
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 17
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| Distribution: | Regulation S
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| Talk: | Par to 102 to yield 0% to negative 0.28% and initial conversion premium of 45% to 55%
|
| Stock symbol: | NYSE: QGEN
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| Stock price: | $52.0786 VWAP on Dec. 10
|
| Market capitalization: | $11.88 billion
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