Theratechnologies convertibles raised to $57.5 million via greenshoe

New York, June 19 – Theratechnologies Inc. said its $50 million offering of five-year convertible notes was raised to $57.5 million through full exercise of the $7.5 million over-allotment option.

The deal has now settled, and trading began on the Toronto Stock Exchange under the symbol “TH.DB.U,” according to a news release.

Theratechnologies priced the convertibles on May 30 in a bought deal transaction with a coupon of 5.75% and a conversion price of $14.85.

RBC Capital Markets was the lead underwriter of the deal, which was marketed by way of a short form prospectus in Canada and under Rule 144A in the United States.

Proceeds will be used to fund the $23.85 million due under the EMD Serono termination agreement related to the repurchase of the commercial rights of the pharmaceutical Egrifta. Of the remaining proceeds, $5 million will be used for the approval and commercialization of Trogarzo in Europe, $5 million for working capital and the remainder for general corporate purposes.

Theratechnologies is a Montreal-based specialty pharmaceutical company focusing on the medical needs of HIV patients.

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