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Affymetrix Prices Offering of Senior Notes

NEW YORK (GenomeWeb News) – Affymetrix late on Tuesday announced the pricing of its $105 million offering of senior convertible notes.

The offering of the 4 percent convertible senior notes due 2019 had been previously announced on Monday. The notes will be convertible into Affy's common stock at an initial conversion rate of 170.0319 shares per $1,000 principal amount of notes, subject to adjustment. The conversion rate is equivalent to an initial conversion price of about $5.88 per share, representing a premium of 25 percent to the last reported sale of Affy's stock on the Nasdaq on June 19, when its shares closed at $4.71.

Affy will use net proceeds from the offering to partly fund its $315 million acquisition of eBioscience.

Citigroup and Morgan Stanley are acting as joint book-running managers on the offering. Bank of America Merrill Lynch and RW Baird are co-managers. Affy is granting the offering's underwriters an option to purchase up to $10 million aggregate principal amount of additional notes to cover any over-allotments.

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