Epix greenshoe exercised, raising convertibles to $100 million

Pittsburgh, June 3 - Epix Medical Inc. said the underwriters of its recent offering of convertible senior notes due 2024 exercised the $25 million over-allotment option in full, raising the size of the deal to $100 million.

The Cambridge, Mass.-based developer of contrast agents for magnetic resonance imaging originally priced $75 million of the notes after the close June 1 to yield 3% with a 17.5% initial conversion premium.

S.G. Cowen and Co. is the bookrunner for the Rule 144A deal.

The company expects the sale to close June 7 and bring proceeds of $96 million.

Epix will use proceeds for general corporate purposes, including working capital, capital expenditures, research and commercialization of products, as well as acquisitions and to repay debt.

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