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Anacor Pharma prices $250M debt offering

Apr. 01, 2016 7:01 AM ETAnacor Pharmaceuticals, Inc. (ANAC-OLD) StockBy: Douglas W. House, SA News Editor
  • 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.

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