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Natera talks $250 million seven-year convertible notes to yield 2.25%-2.75%, up 27.5%-32.5%
By Abigail W. Adams
Portland, Me., April 13 – Natera Inc. plans to price $250 million of seven-year convertible notes after the market close on Monday with price talk for a coupon of 2.25% to 2.75% and an initial conversion premium of 27.5% to 32.5%, according to a market source.
Morgan Stanley & Co. LLC (lead left), J.P. Morgan Securities LLC and Cowen are bookrunners for the Rule 144A offering, which carries a greenshoe of $37.5 million.
The notes are non-callable until May 6, 2024 and then subject to a 130% hurdle with a make-whole.
The convertibles are putable upon a fundamental change.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used to repay its 2017 term loan with OrbiMed with remaining proceeds to be used for working capital and general corporate purposes.
Natera is a San Carlos, Calif.-based genetic testing company.
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