NEW YORK (GenomeWeb News) – Qiagen said after the close of the market on Wednesday that it successfully completed the previously announced repurchase of convertible notes due in 2026 and the issuance of new convertible notes due in 2019 and 2021.
The transactions are anticipated to raise $300 million in net proceeds, to be used for general corporate purposes, Qiagen said.
The company has received indications of selling interest from holders of the 2026 notes representing about 97 percent of the aggregate amount of notes initially issued. The aggregate cash consideration for the repurchase is about $366 million, Qiagen said.
Additionally, Qiagen completed issuing $430 million of convertible notes due in 2019 and $300 million of convertible notes due in 2021. The 2019 notes bear interest at an annual rate of .375 percent, while the 2021 notes bear interest at an annual rate of .875 percent. Both are payable semiannually in arrears.
Qiagen said that the initial conversion price for the 2019 notes has been set at $28.34. The initial conversion price for the 2021 notes has been set at $28.34 per share of common stock.
In connection with the notes offering, the firm also entered into privately negotiated convertible note hedge and warrant transactions.