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Invitrogen Offers $300M in Convertible Notes to Repay Credit Line, Possibly Fund More M&A

NEW YORK, June 14 (GenomeWeb News) - Invitrogen said yesterday that it intends to offer $300 million of senior convertible notes due 2025.

 

Invitrogen said that purchasers of the notes will have an option to purchase up to an additional $50 million to cover over-allotments.

 

The company said it will use some of the net proceeds of the offering to repay around $124 million borrowed a revolving line of credit with Bank of America.

 

Invitrogen said it intends to use the balance of the net proceeds for "potential acquisitions and for general corporate purposes, including the potential repayment or redemption of other outstanding debt."

The Scan

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