By Rebecca Melvin
New York, May 19 – Repligen Corp. priced $100 million of five-year convertible senior notes early Thursday at par to yield 2.125% with an initial conversion premium of 22.5%, according to a news release.
The registered, off-the-shelf deal priced at the cheap end of talk, which was for a 1.625% to 2.125% coupon and a 22.5% to 27.5% premium.
The offering has a $15 million greenshoe and was being sold via Jefferies & Co. as bookrunner. Perella Weinberg Partners LP and J. Wood Capital Advisors LLC were financial advisers to the company in connection with the offering.
The notes are non-callable for three years. They have contingent conversion and takeover protection. The company may settle the bonds in cash, shares or a combination of shares and cash at its option.
Proceeds are earmarked for working capital and other general corporate purposes, including possible acquisitions and investments.
Waltham, Mass.-based Repligen is a bioprocessing company focused on the development, production and commercialization of products used in the production of monoclonal antibodies, recombinant proteins and vaccines.
| Issuer: | Repligen Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | June 1, 2021
|
| Bookrunner: | Jefferies & Co.
|
| Co-managers: | Janney Montgomery Scott LLC, Craig-Hallum Capital Group
|
| Coupon: | 2.125%
|
| Price: | Par
|
| Yield: | 2.125%
|
| Conversion premium: | 22.5%
|
| Conversion price: | $32.07
|
| Conversion ratio: | 31.1813
|
| Calls: | Non-callable until June 5, 2019
|
| Puts: | No puts
|
| Contingent conversion: | Yes
|
| Takeover protection: | Yes
|
| Net share settlement: | Yes
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Distribution: | Registered, off the shelf
|
| Price talk: | 1.625%-2.125%, up 22.5%-27.5%
|
| Stock symbol: | Nasdaq: RGEN
|
| Stock price: | $26.18 at close May 18
|
| Market capitalization: | $810 million
|
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