Chicago, July 17 – Repligen Corp. priced $250 million of 0.375% five-year convertible notes on Wednesday with a 32.5% initial conversion premium, according to a notice.
An over-allotment option for an additional $37.5 million principal amount of notes is in effect for 13 days.
Talk on the notes was 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.
The notes are non-callable and have no put features.
The notes are pricing concurrently with a $120 million common stock offering, which carries a greenshoe for an additional 207,000 shares. The shares priced at $87.00 each.
JPMorgan, Stephens Inc. and Janney Montgomery Scott are joint bookrunners on the common stock offering.
Repligen intends to 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.
| Issuer: | Repligen Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $250 million
|
| Greenshoe: | $37.5 million
|
| Maturity: | July 15, 2024
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Co-managers: | Stephens Inc., Janney Montgomery Scott and Stifel
|
| Coupon: | 0.375%
|
| Conversion premium: | 32.5%
|
| Conversion price: | $115.28
|
| Conversion ratio: | 8.6749
|
| Calls: | Non-callable or upon fundamental change
|
| Puts: | No puts
|
| Pricing date: | July 17
|
| Settlement date: | July 19
|
| Distribution: | Registered, off the shelf
|
| Price talk: | 0.375%-0.875% yield, up 27.5%-32.5%
|
| Stock symbol: | Nasdaq: RGEN
|
| Stock price: | $87.00 in concurrent stock offering
|
| Market capitalization: | $4.21 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
