Revance Therapeutics talks $200 million seven-year convertibles at 1.75%-2.25%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., Feb. 10 – Revance Therapeutics Inc. plans to price $200 million of seven-year convertible notes after the market close on Tuesday with price talk for a coupon of 1.75% to 2.25% and an initial conversion premium of 27.5% to 32.5%.

Goldman Sachs & Co. LLC is bookrunner for the Rule 144A offering, which carries a greenshoe of $30 million.

The notes are non-callable for four years and then subject to a 130% hurdle. There is dividend and takeover protection.

In connection with the offering, Revance will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread, to fund the commercial launch and the pre-commercialization of some of its products, and for potential acquisitions or in-licensing agreements of other products.

Revance is a Newark, Calif.-based biotechnology company.

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