NEW YORK (GenomeWeb News) - Illumina plans to sell $325 million in convertible senior notes pay for corporate expenses, the company said today.
Illumina said it will use roughly $200 million of the proceeds to buy shares of its common stock in a private transaction, and some of the rest will go to pay the cost of the convertible transactions.
The notes will be due 2014 and upon conversion holders will receive cash value for the principal amount and any excess will be given in common stock.
Any remaining balance will go to general corporate purposes, which the company said could include acquisitions or more purchases of its own stock.
Illumina said the interest rate and other terms have yet to be negotiated.