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Illumina to Launch $900M Senior Notes Offering

NEW YORK (GenomeWeb) – Illumina announced after the close of the market Wednesday that it plans to launch a $900 million convertible senior notes offering.

The firm said it proposes to offer $450 million of notes due 2019 and $450 million in notes due 2021. In addition, it intends to grant the initial purchasers a 30-day option to purchase up to an additional $67.5 million in aggregate principal amount of the notes due 2019 and an additional $67.5 million of the notes due 2021, which would bring the total potential offering size to around $1 billion.

Illumina said that it would use a portion of the net proceeds from the notes offering to finance the repurchase or repayment of a portion of its 0.25 percent convertible senior notes due 2016. The balance of the proceeds would be used for general corporate purposes, it added.

Goldman Sachs and BofA Merrill Lynch are acting as initial purchasers of the notes.

In Thursday morning trade on the Nasdaq, shares of Illumina were up around 4 percent at $166.90.