Isolagen greenshoe exercised, raising convertibles to $90 million

Pittsburgh, Nov. 8 - Isolagen Inc. said the underwriters of its recent offering of 3.5% convertible subordinated notes due 2024 exercised the $15 million over-allotment option in full, raising the size of the deal to $90 million, according to a 10-Q filing with the Securities and Exchange Commission.

The Houston-based biotechnology company originally priced $75 million of the securities on Oct. 28 to yield 3.5% with a 37.5% initial conversion premium.

UBS Investment Bank and CIBC World Markets Inc. were the bookrunners for the Rule 144A deal.

Isolagen plans to use $46 million of proceeds for general corporate purposes, including product development, sales and marketing, capital expenditures and working capital.

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