ViroPharma prices $225 million in notes |
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Wed, 21 Mar 2007 13:40
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EXTON, Pa. (AP) - Biotech drug developer ViroPharma Inc. said Wednesday it priced new notes worth $225 million for strategic investments or acquisitions.The convertible senior notes due March 2017 will pay interest semiannually at a rate of 2 percent per year and convert at an initial rate of 52.9998 shares per $1,000, or about $18.87, according to the company. Shares of ViroPharma closed at $14.24 Tuesday on the Nasdaq Stock Market.Underwriters will get the option to sell an additional $25 million in notes to cover overallotments. Goldman Sachs is the sole book running manager, and CreditSuisse and Piper Jaffray are co-managers.ViroPharma expects about $217.6 million in proceeds, $20.9 million of which will go toward the cost of the convertible note hedge transactions. The rest of the proceeds will go for general corporate purposes including strategic investments or acquisitions of assets or businesses.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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