By Stephanie N. Rotondo
Seattle, Feb. 10 – Santhera Pharmaceuticals Holding AG priced CHF 60 million of senior unsecured convertible bonds due 2022 at par to yield 5% with an initial conversion premium of 20%, according to a company press release.
The deal came at the cheap end of the 4.5% to 5% talk and at the cheap end of talk for a conversion premium of 20% to 25%.
Bank am Bellevue and Kepler Cheuvreux are the joint bookrunners.
The conversion price was set at CHF 84.4006, equaling 11.8482 shares per each CHF 1,000 of notes. The conversion price may be reset after the first year if the stock’s volume weighted average price during a specified period falls below the reference share price of CHF 70.3338.
The issue is callable on or after the second anniversary of issuance, if the stock hits a 160% price hurdle.
Proceeds will be used primarily to fund the commercialization of Raxone in the currently approved indication, to prepare the market entry and commercial launch in subsequent indications, for investment into further clinical trials with Raxone and for other corporate purposes.
Santhera is a Liestal, Switzerland-based pharmaceutical company.
| Issuer: | Santhera Pharmaceuticals Holding AG
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| Securities: | Senior unsecured convertible bonds
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| Amount: | CHF 60 million
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| Maturity: | Feb. 17, 2022
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| Bookrunners: | Bank am Bellevue, Kepler Cheuvreux
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Conversion premium: | 20%
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| Conversion price: | CHF 84.4006
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| Conversion rate: | 11.8482 shares
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| Contingent call: | After two years, subject to 160% stock price hurdle
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 17
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| Stock symbol: | Swiss: SANN
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| Reference price: | CHF 70.3338
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| Market capitalization: | CHF 476.35 million
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