NEW YORK, June 7 (GenomeWeb News) - Millipore will offer $550 million of convertible senior notes with 3.75 percent annual interest, the company said today.
As GenomeWeb News reported yesterday, the Billerica, Mass.-based company will use the funds to finance its acquisition of Serologicals.
As previously reported, the notes will be convertible into cash and shares of Millipore's common stock. The initial conversion rate is 11.0485 shares per $1,000 principal amount of notes, representing an initial conversion price of approximately $90.51 per share.
The sale of the notes is expected to close on June 13.