Repligen talks $250 million five-year convertible notes to yield 0.375%-0.875%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., July 15 – Repligen Corp. plans to price $250 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0.375% to 0.875% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

J.P. Morgan Securities LLC is the bookrunner for the registered offering, which carries a greenshoe of $37.5 million.

The notes are non-callable and have no put features.

The notes are pricing concurrently with a $100 million common stock offering, which carries a greenshoe of $15 million.

JPMorgan, Stephens Inc. and Janney Montgomery Scott are joint bookrunners on the common stock offering.

Repligen may enter into privately negotiated exchange transactions with holders of the 2.125% notes due 2021 to exchange a portion of the notes for a combination of cash and shares, according to a company news release.

The company intends to call the remaining 2.125% notes at the closing of the offering.

Up to $115 million in proceeds will be used to redeem Repligen’s 2.125% convertible notes due 2021 with the remaining amount to be used for general corporate purposes, which may include acquisitions or investments in complimentary businesses, services and technologies.

Repligen is a Waltham, Mass-based bioprocessing company.

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