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Edwards Lifesciences $125 million convertibles talked to yield 3.375-3.875%, up 90-95%
By Sara Rosenberg
New York, May 5 - Edwards Lifesciences Corp.'s $125 million convertible senior debentures due 2033, scheduled to price Tuesday morning before market open, are talked to yield 3.375% to 3.875% with an initial conversion premium of 90% to 95%, according to market sources.
JPMorgan is the lead bank on the deal, which will be sold in a Rule 144A offering.
There is a $25 million greenshoe.
There is hard call protection for five years and there are puts in years five, 10 and 15.
Both the contingent payment and the contingent conversion thresholds are set at 120%.
Approximately $25 million to $40 million of the net proceeds will be used to repurchase shares of outstanding common stock. The remaining net proceeds will be used for general corporate purposes, which may include the purchase of additional shares of common stock and the repayment of indebtedness.
Edwards Lifesciences is an Irvine, Calif. produces products and services to treat late-stage cardiovascular disease.
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