Depomed prices increased debt offering

Depomed (NASDAQ:DEPO) prices its $300M aggregate principal amount of convertible senior notes due 2021. The offering has been upsized from the original $230M amount. Buyers will have a 30-day option to purchase an additional $45M aggregate principal amount of the notes.

The notes will bear an interest rate of 2.50% per year payable semi-annually on March 1 and September 1. The conversion rate is 51.9852 shares of common stock per $1,000 principal amount which equates to ~$19.24 per share. Yesterday's close was $13.99.

Net proceeds of $290M - 334M will be used for working capital and general corporate purposes including potential acquisitions.

Closing date is September 9, 2014.

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