Lantheus greenshoe lifts 2.625% convertibles to $575 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 8 – Underwriters for Lantheus Holdings Inc.’s 2.625% convertible notes due Dec. 15, 2027 fully exercised their $75 million greenshoe, increasing the total deal size to $575 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced the initial $500 million of the convertibles after the market close on Monday at par at the rich end of talk with a an initial conversion premium of 42.5%, as previously reported.

Price talk was for a coupon of 2.625% to 3.125% and an initial conversion premium of 37.5% to 42.5%.

BofA Securities Inc., SVB Securities, BMO Capital Markets Corp., JMP Securities LLC and Truist Securities Inc. were bookrunners for the Rule 144A offering.

The notes are non-callable until Dec. 22, 2025 and then subject to a 130% hurdle.

They are putable upon a fundamental change.

The board of directors has authorized the repurchase of up to $150 million of common stock.

Proceeds will be used to repurchase up to $75 million of common stock at a purchase price of $56.01 with the remaining proceeds to be used for general corporate purposes, which may include additional stock repurchases up to $75 million.

Lantheus is a North Billerica, Mass.-based medical diagnostics company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.