- Anacor Pharmaceuticals (NASDAQ:ANAC-OLD) prices its $250M aggregate principal amount of 2.00% Convertible Senior Notes due 2023. Initial purchasers have a 30-day option to buy an up to an additional $37.5M of the Notes. Closing date is April 6. Net proceeds should be ~$241.6M.
- The initial conversion rate will be 14.1201 shares of common stock per $1,000 principal amount of the Notes (~$70.82 per share).
- In order to reduce potential dilution and/or to offset any cash payments, the company has entered into capped call transactions with certain financial institutions. The cap price will initially be $80.18 per share. The cost of the transactions should be ~$14M.
- Yesterday's close was $53.51.