New Issue: Medarex upsized $150 million convertible yields 2.25%, up 30%

Nashville, April 28 - Medarex Inc. sold an upsized $150 million of seven-year convertible senior unsecured notes at par to yield 2.25% with a 30% initial conversion premium via bookrunner Goldman Sachs & Co.

The Rule 144A deal, boosted from $125 million, sold at the tight end of price talk for a 2.25% to 2.75% coupon and a 25% to 30% initial conversion premium.

Holders will have full dividend protection.

The Princeton, N.J., biotech firm has earmarked proceeds to redeem all or a portion of its 4.5% convertible notes due 2006, including accrued interest. There is $142 million outstanding on that issue.

Terms of the deal are:

Issuer:	Medarex Inc.
Issue:	Convertible senior unsecured notes
Bookrunner:	Goldman Sachs & Co.
Amount:	$150 million, up from $125 million
Greenshoe:	$50 million, up from $25 million
Maturity:	May 1, 2011
Coupon:	2.25%
Price:	Par
Yield:	2.25%
Conversion premium:	30%
Conversion price:	$13.72
Conversion ratio:	72.9129
Call:	Non-callable for 5 years
Price talk:	2.25-2.75%, up 25-30%
Pricing date:	April 27, after the close
Settlement date:	May 3
Distribution:	Rule 144A

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