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Over-Allotment Option Exercised in Affymetrix Senior Notes Offering; Stock Upgraded

NEW YORK (GenomeWeb News) – Affymetrix yesterday said that it had raised an additional $41.25 million from the exercise of an over-allotment option connected to last month’s senior convertible notes offering.
Last month, the firm raised $275 million from the sale of 3.5 percent senior convertible notes due 2038. The notes will be convertible into Affymetrix common stock at a rate of 33.191 shares per $1,000 principal amount of notes, which it said is equivalent to around $30.12 a share.
Affy said that it plans to use the funds for working capital and for general corporate purposes, which may include funding operations, acquisitions, and capital expenditures.
In separate news today, the firm’s stock was upgraded to “buy” from “neutral” by investment bank UBS.