Vanda launches $100 million convertibles due 2014 at 3.875%-4.375% coupon, up 17.5%-22.5%

By Evan Weinberger

New York, Oct. 31 - Vanda Pharmaceuticals Inc. launched $100 million in convertible senior notes due Nov. 15, 2014 Wednesday after the market close. The convertibles are talked at a coupon of 3.875% to 4.375% and an initial conversion premium of 17.5% and 22.5%.

JPMorgan and Morgan Stanley are joint bookrunners of the Rule 144A transaction. There is a $25 million over-allotment option.

The convertibles are scheduled to price Thursday after market close.

The convertibles have call protection through maturity.

Vanda is a Rockville, Md.-based pharmaceuticals firm. The company plans to use the proceeds to market the schizophrenia treatment iloperidone, for the development of other treatments, for research and development and for working capital.

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