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Convertibles Calendar: Dynavax to price convertible preferreds, common stock
October 25
DYNAVAX TECHNOLOGIES CORP. (Nasdaq: DVAX): up to 10 million series B convertible preferred shares; to price before the market open on Friday, concurrent offering of common shares; no dividend on the preferred; liquidation preference price will be parity to the common; bookrunner Cowen & Co.; co-manager William Blair; proceeds to fund additional phase 3 study of Heplisav, to seek regulatory approval to market a vaccine in the U.S. and Europe and for other general corporate purposes, including working capital; Berkeley, Calif.-based biopharmaceutical company.
On The Horizon
ALLY FINANCIAL INC.: U.S. Treasury Department is offering tangible equity units of Ally; concurrent initial public offering of common stock; Ally will not receive proceeds from the sale; timing, talk and deal sizes weren't yet available; bookrunners Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays and Deutsche Bank Securities Inc.; shares to be listed on the NYSE under symbol ALLY; bank holding company focused on auto financing based in Detroit.
FIRST CITIZENS BANC CORP. (Nasdaq: FCZA): $25 million of perpetual convertible preferred shares; $25.00 per share; distribution to existing shareholders, customers and members of its communities served, and via syndication if shares remain available; placement agent Keefe, Bruyette & Woods; mandatorily convertible after six years at 120% price hurdle; proceeds to redeem series A perpetual preferred shares; to be listed on the Nasdaq; Sandusky, Ohio-based bank holding company.
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