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Affymetrix Plans Notes Offering of $105M to Help Pay for eBioscience Acquisition

NEW YORK (GenomeWeb News) – Affymetrix intends to offer $105 million in convertible senior notes due 2019, it announced after the close of the market on Monday.

The proceeds from the offering, which was made pursuant to a $200 million shelf registration filed by the Santa Clara, Calif.-based microarray firm late last month, will be used to pay for part of its proposed buy of eBioscience for $315 million. Affy has a commitment letter from General Electric Capital and Silicon Valley Bank in the principal amount of $100 million for the acquisition, which is expected to close in the second quarter.

Citigroup and Morgan Stanley are joint book-running managers for the offering. Affy said it anticipates granting the two investment banks the option to purchase up to $10 million aggregate principal amount of additional notes to cover over-allotments, if any.

The eBioscience acquisition had been expected to close by the end of 2011, when it was originally announced in November with a purchase price of $330 million. A lawsuit delayed the deal, though, and Affy had to restructure the purchase.

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