Medicines to price $300 million seven-year convertibles to yield 2.5%-3%, up 32.5%-37.5%

By Rebecca Melvin

New York, Jan. 7 – The Medicines Co. plans to price $300 million of seven-year convertible bonds after the market close Wednesday that were talked to yield 2.5% to 3% with an initial conversion premium of 32.5% to 37.5%, according to a syndicate source.

The Rule 144A deal has a $45 million greenshoe and was being sold via joint bookrunners Goldman Sachs & Co., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.

The notes are non-callable for four year and then provisionally callable if shares exceed 130% of the conversion price. There are no investor puts, and the bonds mature Jan. 15, 2022. They will be net share settled.

Proceeds are earmarked for general corporate purposes.

Parsippany, N.J.-based Medicines develops products that improve specialized care.

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