New Issue: Serologicals sells upsized $110 million convertible to yield 4.75%, up 27.5%

Nashville, Aug. 15 - Serologicals Corp. sold an upsized $110 million of 30-year convertible notes at par to yield 4.75% with a 27.5% initial conversion premium - at the cheap end of yield talk and middle of premium guidance.

Talk had put the yield at 4.25% to 4.75% with a 25% to 30% initial conversion premium.

Holders will have dividend protection in the way of a conversion ratio adjustment.

The Atlanta provider of biological products will use proceeds to repay its credit facility, which was drawn in association with the acquisition of Chemicon in April. Remaining proceeds will be used for general corporate purposes.

Terms of the new deal are:

Issuer: Serologicals Corp.

Issue:	Convertible senior subordinated notes
Lead managers:		JPMorgan, Banc of America Securities and UBS Investment Bank
Amount	$110 million, up from $100 million
Greenshoe:	$20 million, unchanged
Maturity:	Aug. 15, 2033
Coupon:	4.75%
Price:	Par
Yield:	4.75%
Conversion premium:	27.5%
Conversion price:	$14.8028
Conversion ratio:	67.5676
Contingent conversion:	120%
Call:	Non-callable for 5 years
Put:	In year 5 in cash, and in years 7, 10, 15, 20 and 25 in cash and/or stock
Price talk:	4.25-4.75%, up 25-30%
Pricing date:	Aug. 14, after the close
Settlement:	Aug. 20
Distribution:	Rule 144A

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