Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Innoviva, Inc. > News item |
Innoviva talks $200 million six-year convertible notes to yield 2.125%-2.625%, up 30%-35%
By Abigail W. Adams
Portland, Me., March 2 – Innoviva Inc. plans to price $200 million of six-year convertible notes after the market close on Wednesday with price talk for a coupon of 2.125% to 2.625% and an initial conversion premium of 30% to 35%, according to a market source.
Goldman Sachs & Co. LLC and Moelis & Co. are bookrunners for the Rule 144A offering, which carries a greenshoe of $40 million.
The notes are non-callable for three years and then subject to a 130% hurdle.
There is dividend and takeover protection.
Concurrently with the offering, the company will repurchase a portion of its 2.125% convertible notes due 2023 for cash in privately negotiated transactions.
In connection with the offering, the company will enter into capped call transactions.
Proceeds will be used to cover the cost of the call spread and repurchase the 2023 notes with any remaining proceeds to be used for general corporate purposes.
Innoviva is a Brisbane, Calif.-based biopharmaceutical company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.