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Millipore to Sell $550M in New Notes to Help Fund Serologicals Acquisition

NEW YORK, June 6 (GenomeWeb News) - Millipore plans to raise $550 million in convertible senior notes to finance its acquisition of Serologicals, the company said today.

 

The notes, due 2026, will be offered to institutional buyers.

 

As GenomeWeb News reported on April 25, Millipore said it would acquire Serologicals for $1.4 billion in cash. Millipore said it will use a portion of these funds to pay for a portion of the acquisition.

 

Initial purchasers will receive a 13-day option to buy up to an additional $82.5 million of the convertible notes. Holders would receive a cash payment up to the principal amount of the note and Millipore common stock equivalent to the note's conversion value in excess of the principal amount for each note.

 

Any remaining funds will be added to the company's working capital and will be used for "general corporate purposes," the company said.

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