MedImmune greenshoes fully exercised, boosting convertibles sales to $1.15 billion

By Jennifer Chiou

New York, June 28 - MedImmune, Inc. said that both $75 million greenshoes on its recent issue of convertibles were exercised in full, augmenting the 1.375% convertible senior notes due 2011 and 1.625% convertible senior notes due 2013 to $575 million each.

After the close on June 22, MedImmune priced $1 billion of the convertibles, selling $500 million of the five-year convertibles with an initial conversion premium of 22.5% and $500 million of the seven-year convertibles with an initial conversion premium of 22.5%.

The Rule 144A deal was sold via joint bookrunners Merrill Lynch and UBS Investment Bank, with UBS stabilizing.

Neither tranche has any calls or puts.

Gaithersburg, Md.-based MedImmune is a biotechnology company focused on the treatment of infectious and inflammatory diseases and cancer.

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