By Kenneth Lim
Boston, May 9 - Qiagen NV on Tuesday priced an upsized $270 million of 20-year convertible senior notes for a coupon of 3.25% and an initial conversion premium of 33.4%.
The notes were talked at a coupon of 3.125% to 3.625% and an initial conversion premium of 30% to 35%. The size of the deal was initially $220 million. An over-allotment option of $30 million remains.
Goldman Sachs is the bookrunner of the deal, which is distributed outside the United States under Regulation S.
The initial conversion price is $20.
The notes are non-callable for the first seven years, after which they may be called only if Qiagen stock exceeds 130% of the conversion price. There are puts in years seven, 11 and 16.
Qiagen is offering the convertibles through a wholly owned subsidiary but will guarantee the notes. It will seek to list the convertibles in Luxembourg.
Qiagen is a Venlo, Netherlands-based maker of research equipment and instruments for the biotech sector. It said the proceeds will help to "optimize the structure of its balance sheet," which includes repaying existing debt, to finance future acquisitions and for general purposes.
Qiagen stock (Nasdaq: QGEN) closed at $15.28 on Monday before the offering was announced, lower by 0.46% or 7 cents.
| Issuer: | Qiagen NV
|
| Issue: | Convertible senior notes
|
| Bookrunner: | Goldman Sachs
|
| Amount: | $270 million
|
| Greenshoe: | $30 million
|
| Maturity: | May 16, 2026
|
| Coupon: | 3.25%
|
| Price: | Par of $100,000
|
| Yield: | 3.25%
|
| Conversion premium: | 33.4%
|
| Conversion price: | $20
|
| Conversion ratio: | 5,000
|
| Call protection: | Non-callable seven years, thereafter subject to 130% threshold
|
| Puts: | Years 7, 11, 16
|
| Price talk: | 3.125%-3.625%, up 30%-35%
|
| Pricing date: | May 9
|
| Settlement date: | May 16
|
| Guarantees: | Qiagen NV
|
| Distribution: | Regulation S
|
| Listing: | Luxembourg Stock Exchange
|
| Stock symbol: | Nasdaq: QGEN
|
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