Sepracor says greenshoe exercised, raising convertibles to $500 million

New York, Dec. 21 - Sepracor Inc. said the underwriters of its recent offering of 5.75% convertible subordinated notes due 2006 exercised the $100 million over-allotment option, raising the offering to $500 million.

The Marlborough, Mass. company sold the notes in a Rule 144A offering via lead manager Robertson Stephens after the market close on Nov. 7. The $400 million deal priced to yield 5.75% with an initial conversion premium of 24.7%.

Proceeds will be used for working capital and general corporate purposes.

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