By Rebecca Melvin
New York, Aug. 12 – Aegerion Pharmaceuticals Inc. priced an upsized $300 million of five-year convertible senior notes at par to yield 2% with an initial conversion premium of 35%, according to a news release.
The deal size was upsized from an initially talked $250 million. Pricing of the Rule 144A deal came at the rich end of talk, which was for a 2% to 2.5% coupon and a 30% to 35% premium.
The greenshoe was upsized to $45 million from $37.5 million.
Jefferies & Co. and J.P. Morgan Securities LLC were the joint bookrunners.
The notes are non-callable and will be settled in shares. They have dividend and takeover protection.
In connection with the offering, Aegerion entered into privately negotiated convertible note hedge and warrant transactions with one or more of the initial purchasers of the notes.
Proceeds will be used for working capital and other general corporate purposes, including funding possible acquisitions or investments, and to repurchase up to $35 million of outstanding common stock from certain purchasers of the notes.
Cambridge, Mass.-based Aegerion is a biopharmaceutical company that develops therapies for rare diseases.
| Issuer: | Aegerion Pharmaceuticals Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $300 million, upsized from $250 million
|
| Greenshoe: | $45 million, upsized from $37.5 million
|
| Maturity: | Aug. 15, 2019
|
| Bookrunners: | Jefferies & Co., J.P. Morgan Securities LLC
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Conversion premium: | 35%
|
| Conversion price: | $41.175
|
| Conversion ratio: | 24.2866 shares
|
| Calls: | Non-callable
|
| Takeover protection: | Yes
|
| Dividend protection: | Yes
|
| Price talk: | 2%-2.5%, up 30%-35%
|
| Call spread: | Yes
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Nasdaq: AEGR
|
| Stock price: | $30.50 as of close Aug. 11
|
| Stock reference price: | $30.50
|
| Distribution: | Rule 144A
|
| Market capitalization: | $899.54 million
|
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