Actelion plans CHF 400 million five-year 0% convertibles, talked at minus 0.5%-0%, up 27.5%-32.5%

By Kenneth Lim

Boston, Nov. 9 - Switzerland's Actelion Finance SCA planned to price Thursday up to CHF 400 million of five-year zero-coupon convertible senior bonds talked to yield negative 0.5% to 0% with an initial conversion premium of 27.5% to 32.5%.

The bonds were offered at par.

There is an over-allotment option for a further CHF 60 million.

Credit Suisse and Lehman Brothers are the bookrunners of the Regulation S offering.

The convertibles are non-callable.

They will be listed in Switzerland.

Actelion, an Allschwil, Switzerland-based biopharmaceutical company, said the proceeds of the deal will be used for general purposes and for convertible note hedge transactions. The company is also considering possible buybacks of its outstanding convertible bonds due 2008.

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