Repligen greenshoe exercised, lifts 2.125% convertible to $115 million

By Devika Patel

Knoxville, Tenn., May 24 – Underwriters for Repligen Corp.'s offering of 2.125% 5.5-year convertible senior notes exercised their over-allotment option in full for $15 million more of the convertibles, increasing the size of the issue to $115 million, the company said in an 8-K filed Tuesday with the Securities and Exchange Commission.

As previously reported, the company sold the notes at par on May 19 in a registered, off-the-shelf offering via bookrunner Jefferies & Co.

The convertibles have an initial conversion premium of 22.5% and an initial $32.07 conversion price, which equals a conversion ratio of 31.1813.

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.

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