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Cepheid Closes $345M Offering of Convertible Senior Notes

NEW YORK (GenomeWeb News) – Cepheid said after the close of the market on Monday that it has closed its $345 million offering of 1.25 percent convertible senior notes.

The offering includes $300 million of notes that were sold to qualified institutional investors and $45 million of notes that were issued pursuant to the exercise of an overallotment option by the notes' initial purchasers, Morgan Stanley and Jefferies. The notes are due in 2021.

Cepheid initially said it would offer $250 million of convertible senior notes, but later increased the amount to $300 million.

Cepheid said that net proceeds from the offering are estimated to be $336.4 million. About $25.1 million was used to pay the cost of a type of security called capped call transactions that the company entered into in connection with the offering. The remainder of the proceeds will go toward general corporate purposes, including potential acquisitions and strategic transactions.

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