By Abigail W. Adams
Portland, Me., June 8 – Exact Sciences Corp. priced an upsized $190 million add-on to its 1% convertible notes due 2025 prior to the market open on Friday at a reoffer price of 106.5 plus accrued interest from Jan. 17, according to a company news release.
BofA Merrill Lynch is the sole book-running manager for the SEC registered deal, which carries a greenshoe of $28.5 million.
The notes will form a single series with the 1% convertible notes due 2025, which were issued in January and have $690 million outstanding.
The notes are contingently convertible until July 15, 2024 and non-callable for life.
Conversions will be settled in cash, shares or a combination of both.
Proceeds are expected to be $202.4 million, according to the news release.
Exact Sciences is a Madison, Wis.-based molecular diagnostics company focused on the early detection of colorectal cancer.
| Issuer: | Exact Sciences Corp.
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| Securities: | Convertible senior notes add-on
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| Amount: | $190 million
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| Greenshoe: | $28.5 million
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| Maturity: | Jan. 15, 2025
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| Bookrunners: | BofA Merrill Lynch
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| Coupon: | 1%
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| Price: | 106.5
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| Conversion premium: | 20%
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| Conversion price: | $75.43
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| Conversion rate: | 13.2569
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| Call options: | Non-callable
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| Pricing date: | June 8
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| Settlement date: | June 12
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| Talk: | None
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| Stock symbol: | Nasdaq: EXAS
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| Stock price: | $63.20 at market close June 8
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| Market capitalization: | $7.64 billion
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