Human Genome sets 'increase period' for conversion of 3% notes

By Tali David

Minneapolis, Nov. 1 - Human Genome Sciences, Inc. announced a temporary increase in the conversion rate of its 3% convertible senior notes due 2018, according to a filing with the London Stock Exchange.

The increase period will begin on Nov. 16 and end at 5 p.m. ET on Dec. 18.

Any holders who convert their notes during the increase period will qualify for a conversion rate of 87.1211 shares, up from the otherwise applicable rate of 75.0469 shares, per $1,000 principal amount. The increased rate correlates to a payment of $1,241.475675 per $1,000 principal amount of notes converted, which will be paid in cash.

The notes are not currently convertible and will not be prior to the increase period.

As previously reported, the bump was a result of GlaxoSmithKline plc's acquiring all outstanding shares of Human Genome through a tender offer and subsequent merger.

Human Genome is a biopharmaceutical company based in Rockville, Md. GlaxoSmithKline is a health-care and pharmaceutical company based in Brentford, England.

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