Regeneron to sell up to $400 million five-year convertible notes

By Stephanie N. Rotondo

Portland, Ore., Oct. 17 - Regeneron Pharmaceuticals Inc. is offering up to $400 million of convertible senior notes due 2016, according to a press release.

The Tarrytown, N.Y.-based company will issue the convertibles via a Rule 144A offering. Initial purchasers will have a 13-day option to purchase up to an additional $60 million of the notes.

The interest rate, conversion rate and conversion price have not yet been set. The company intends to enter into convertible note hedge and warrant transaction with purchasers and/or their affiliates in order to reduce dilution.

Proceeds will be used, in part, to cover the cost of convertible note hedge transactions connected with the offering and for general corporate purposes.

Regeneron is a biopharmaceutical company focused on producing medicines for serious medical conditions.

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