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Illumina Closes $400M Note Sale After Adding $50M Over-Allotment

NEW YORK (GenomeWeb News) — Illumina today said it has closed the sale of $400 million in convertible senior notes.
 
The company on Monday said it would sell $325 million in notes to pay for corporate expenses, but on Tuesday it raised the offering to $350 million.
 
The sale at closing included the exercise of an over-allotment for an additional $50 million of notes, bringing the total to $400 million.  
 
The sale will pay interest at .625 percent and will be due in 2014, at which time holders will receive cash value for the principal and common stock for any excess value.
 
Illumina said it plans to use $200 million from the sale to buy shares of its common stock in a private deal.

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