Correction: Innoviva greenshoe ups 2.125% six-year convertibles to $261 million

The March 22 issue of the Prospect News Convertibles Daily should have reported a partial greenshoe exercise rather than a full greenshoe exercise by the initial purchasers for the bonds. A story with corrected details follows.

Chicago, April 5 – Underwriters for Innoviva Inc.’s 2.125% six-year convertible notes partially exercised their $45 million greenshoe by purchasing an additional $36 million of notes, lifting the total deal size to $261 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced the initial $225 million of convertibles after the market close on March 2 at par at the rich end of talk with an initial conversion premium of 35%, as previously reported.

Price talk was for a coupon of 2.125% to 2.625% and an initial conversion premium of 30% to 35%.

Goldman Sachs & Co. LLC and Moelis & Co. are bookrunners for the Rule 144A offering.

Proceeds of $2.9 million from the additional notes were used for capped call transactions and the remaining notes were slated for general corporate purposes.

The initial size of the offering was $200 million with a greenshoe of $40 million, before both parts were upsized.

Innoviva is a Burlingame, Calif.-based biopharmaceutical company.

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