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Mylan plans $400 million of seven-year convertibles
By Kenneth Lim
Boston, Sept. 8 - Mylan Inc. plans to offer $400 million of seven-year convertible notes, the company said in a press release.
There is an over-allotment option for an additional $60 million on the Rule 144A offering.
The convertibles will have a contingent conversion feature and will be convertible only into cash.
Mylan will also enter into separate cash settled convertible note hedge and net share settled warrant transactions.
Proceeds will be used to fund the hedge and warrant transactions, to pay down an outstanding Libor plus 250 basis points senior secured revolving credit facility and senior secured term loan facilities that current bear interest of Libor plus 300 bps to Libor plus 325 bps.
Mylan is a Canansburg, Pa.-based maker of generic drugs.
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