By Toni Weeks
San Luis Obispo, Calif., – TetraLogic Pharmaceuticals Corp. priced $47 million of 8% convertible senior notes in a private offering after the market close on Tuesday.
The notes will be convertible in whole or in part at the option of holders upon satisfaction of certain conditions and thereafter at any time until the close of business on the day preceding the maturity date. The conversion price of $6.74 is a 9.95% premium to the closing share price on June 17.
Proceeds of the Rule 144A deal will be used to finance clinical and preclinical development activities, for potential future in-licensing and for working capital and general corporate purposes, which may include payment of interest and acquisitions.
Settlement is expected June 23.
The clinical-stage biopharmaceutical company is based in Malvern, Pa.
| Issuer: | TetraLogic Pharmaceuticals Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $47 million
|
| Maturity: | June 15, 2019
|
| Coupon: | 8%
|
| Price: | Par
|
| Conversion premium: | 9.95%
|
| Conversion price: | $6.74 (approximate)
|
| Conversion ratio: | 148.3019
|
| Call: | No
|
| Pricing date: | June 17
|
| Settlement date: | June 23
|
| Stock symbol: | Nasdaq: TLOG
|
| Stock price: | $6.13 at close June 17
|
| Distribution: | Rule 144A
|
| Market capitalization: | $136.6 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
