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Inverness prices $132.5 million convertibles at 3%, up 30%
New York, May 9 - Inverness Medical Innovations, Inc. priced a $132.5 million offering of convertible senior subordinated notes due 2017 to yield 3% with a 30% initial conversion premium.
The conversion price is $52.30 but can be adjusted after a year if the 30-day volume-weighted average trading price of the company's stock is lower than $40.23, the closing price on Wednesday. The conversion price adjustment will have a floor of $40.23.
Inverness priced the Rule 144A offering after the close Wednesday.
Proceeds will be used for general corporate purposes including acquisitions.
Separately after the close Wednesday, the Waltham, Mass., developer of in vitro diagnostic products announced a new offer for Biosite Inc. of $92.50 a share, $2.50 more than previously.
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