NEW YORK, June 16 (GenomeWeb News) - Invitrogen yesterday said that it has raised $325 million in a sale of convertible notes due 2025 that it announced earlier this week.
The company initially planned to offer $300 million of the 3.25-percent senior convertible notes. Purchasers had an option to purchase up to an additional $50 million to cover over-allotments.
Yesterday, Invitrogen said the purchasers excercised the option to purchase an additional $25 million in notes. The total offering size remains $350 million.
The company reiterated that it will use some of the net proceeds to repay around $124 million borrowed in a revolving line of credit with Bank of America, and intends to use the balance for "potential acquisitions and for general corporate purposes, including the potential repayment or redemption of other outstanding debt."