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Illumina Boosts Convertible Note Offering to $350M from $325M

NEW YORK (GenomeWeb News) — Illumina has increased by $25 million a convertible note offering it disclosed yesterday, making the total sale worth $350 million, the company said today.
The company said it plans to use the proceeds to pay for corporate expenses, and will use around $202 million of it to buy back its own stock or cover acquisition costs.
Illumina said the $350 million in .625-percent senior convertible notes will be due in 2014.
Initial purchasers of the notes will have a 30-day option to buy up to $50 million additional notes for over-allotments. The offering will close Feb. 16.
The company said the interest will pay out semiannually and will be convertible into a combination of cash and Illumina stock, with holders receiving conversion value of the note up to principal amount and Illumina stock covering value above the principal amount.
Illumina said the conversion value is expected to be roughly $43.66 per share.
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