Repligen greenshoe exercised, lifts 0.375% convertible to $287.5 million

Chicago, July 19 – Underwriters for Repligen Corp.'s offering of 0.375% convertible senior notes due 2024 exercised their over-allotment option in full for $37.5 million more of the convertibles, increasing the size of the issue to $287.5 million, the company said in press release.

As previously reported, the company sold the notes on July 17 in a registered, off-the-shelf offering via bookrunner J.P. Morgan Securities LLC.

The convertibles have an initial conversion premium of 32.5% and an initial $115.28 conversion price, which equals a conversion ratio of 8.6749.

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

Concurrently, the company conducted a public offering of common stock. Underwriters also exercised their option in full to purchase additional shares, lifting the amount of shares issued to 1,587,000 at a public offering price of $87 per share for proceeds of $138.1 million. The underwriters purchased 207,000 additional shares, included in that total.

In accordance with the closing, $68.5 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.

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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