Esperion Therapeutics to price $200 million five-year convertibles to yield 3.5%-4%, up 20%-25%

By Rebecca Melvin

New York, Nov. 10 – Esperion Therapeutics Inc. plans to price a $200 million offering of five-year convertible notes, which were being talked to yield 3.5% to 4% with an initial conversion premium of 20% to 25%, according to a market source.

Pricing of the Rule 144A offering, for which there is a $30 million greenshoe, was expected to occur on Wednesday.

The convertible senior subordinated notes are non-callable for three years and then provisionally callable if shares exceed 130% of the conversion price.

Morgan Stanley & Co. LLC is the left lead bookrunner.

The pharmaceutical company is based in Ann Arbor, Mich.

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