NovoCure greenshoe exercised in full, ups 0% convertibles to $575 million

By Cady Vishniac

Detroit, Nov. 5 – The initial purchasers for NovoCure Ltd.’s 0% convertible senior notes due 2025 fully exercised their option to purchase up to an additional $75 million of the convertibles, bringing the total size of the issue to $575 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company priced $500 million of the convertibles after the market close on Nov. 2 with an initial conversion premium of 50%.

Pricing came at the low end of talk for a coupon of 0% to 0.5% and an initial conversion premium of 50% to 52.5%.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC were bookrunners for the Rule 144A offering.

The notes are non-callable for three years and then subject to a 130% hurdle.

There is takeover and dividend protection.

Proceeds will be used to further advance the company’s clinical and product development programs and invest in associated pre-commercial and commercial activities, as well as for general corporate purposes.

NovoCure is a Saint Helier, Jersey-based oncology company.

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