Cubist Pharmaceuticals prices its $700M senior note offering

|By:, SA News Editor

Cubist Pharmaceuticals (CBST +2.1%) gains after pricing an increased offering of $700M in senior convertible notes.

The 2018 offering bears interest at 1.125% a year and the 2020 notes to pay 1.875% a year.

The notes will be convertible at approximately $82.43 per share, representing a premium of around 32.5% to Thursday's closing price.