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Illumina Prices $1B Senior Notes Offering

NEW YORK – Illumina said on Wednesday evening that it has priced a public offering of its senior notes in an aggregate principal amount of $1 billion.

The company is offering $500 million in notes bearing an annual interest rate of 0.55 percent that will mature in March 2023 and $500 million in notes bearing an annual interest rate of 2.55 percent that will mature in March 2031.

Illumina expects the net proceeds from the offering, which is expected to close on March 23, to be about $991.5 million.

The San Diego-based firm plans to use the net proceeds, together with existing cash on hand, to fund its planned $8 billion acquisition of Grail and to pay related fees and expenses.

The offering is not contingent on the consummation of the acquisition, Illumina noted.

Goldman Sachs, Bank of America Securities, Citigroup, and JP Morgan are acting as joint book-running managers on the offering. BNP Paribas, Deutsche Bank Securities, MUFG, US Bancorp, Academy Securities, Loop Capital markets, R. Seelaus & Co., and Ramirez & Co. are acting as co-managers.

Illumina's shares were down about 2 percent at $411.16 in Thursday morning trading on the Nasdaq.

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