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Invitrogen Ups Private Offering by $100 Million

NEW YORK, Dec. 6 - Invitrogen on Thursday announced that it has increased from $400 million to $500 million its private offering of convertible subordinated notes due 2006.

 

The company said it plans to use the net for general corporate purposes, including research and development activities and working capital, investments in infrastructure, and potential acquisitions. The transaction is expected to close on Dec. 11.

 

According to Invitrogen, the notes may be converted at any time into shares of its common stock at a cost of $86.10 per share. The notes, which will accrue 2.25 percent interest per year that will be payable semiannually, will mature in five years and will be callable after Dec. 20.

The Scan

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