Sequenom (SQNM) Announces $100M Convertible Senior Debt Private Offering
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Sequenom, Inc. (NASDAQ: SQNM) intends to offer, subject to market and other considerations, $100.0 million aggregate principal amount of Convertible Senior Notes due 2017 (the "Convertible Notes") in a private offering.
Sequenom also intends to grant to the initial purchasers of the Convertible Notes a 30-day option to purchase up to an additional $20.0 million aggregate principal amount of the Convertible Notes solely to cover over-allotments, if any. Sequenom intends to use the net proceeds from the offering to fund the commercialization of the MaterniT21 PLUS laboratory-developed test, as well as for other general corporate purposes, which may include research and development expenses, capital expenditures, working capital and general administrative expenses.
The Convertible Notes will be the senior, unsecured obligations of Sequenom and will accrue interest payable semiannually in arrears. The Convertible Notes will be convertible at any time prior to the third trading day immediately preceding the maturity date, at the option of the holders, into shares of Sequenom's common stock. The interest rate, conversion rate, conversion price and other terms of the Convertible Notes will be determined at the time of pricing of the offering.
Sequenom also intends to grant to the initial purchasers of the Convertible Notes a 30-day option to purchase up to an additional $20.0 million aggregate principal amount of the Convertible Notes solely to cover over-allotments, if any. Sequenom intends to use the net proceeds from the offering to fund the commercialization of the MaterniT21 PLUS laboratory-developed test, as well as for other general corporate purposes, which may include research and development expenses, capital expenditures, working capital and general administrative expenses.
The Convertible Notes will be the senior, unsecured obligations of Sequenom and will accrue interest payable semiannually in arrears. The Convertible Notes will be convertible at any time prior to the third trading day immediately preceding the maturity date, at the option of the holders, into shares of Sequenom's common stock. The interest rate, conversion rate, conversion price and other terms of the Convertible Notes will be determined at the time of pricing of the offering.
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