Celltrion wraps tender offer for $47.5 million of 2.75% convertibles

By Marisa Wong

Madison, Wis., May 3 - Celltrion, Inc. announced pricing terms and results of its offer to repurchase for cash up to $50 million of its $300 million 2.75% convertible bonds due 2018.

The company began the tender offer at 4 a.m. ET on April 29. Holders were invited to tender their bonds at a price between 80% and 90% of par until 11:59 a.m. ET on April 30.

According to a Friday announcement, the company set the clearing price at 80% and accepted for purchase $47.5 million principal amount of bonds. The tendered bonds accepted for repurchase were prorated, the company noted.

Based on the 80% clearing price, the total cash amount payable for the accepted bonds is $38 million.

Settlement is scheduled to occur on May 8.

Following completion of the tender offer, $252.5 million principal amount of the bonds will remain outstanding.

Celltrion is a biopharmaceutical company based in Incheon, South Korea.

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