Protein Design Labs $250 million convertibles yield 2.75%, up 33%

New York, July 8 - Protein Design Labs, Inc. priced $250 million of convertible subordinated notes due 2023 to yield 2.75% with a 33% initial conversion premium.

The deal came with the yield at the aggressive end of talk of 2.75% to 3.25% and a conversion premium around the middle of talk of 30% to 35%.

The new notes convert at $20.14 per share.

The offering has a $50 million greenshoe.

UBS Investment Bank is lead manager of the new Rule 144A deal.

The company said it may use up to $155 million of remaining proceeds to redeem the outstanding convertible notes.

After that, the company said proceeds would be used for acquisitions, working capital and other general corporate purposes, which includes the current expansion of manufacturing facilities.

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