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news.Theravance has entered into an agreement to sell $150 million aggregate principal amount of unsecured 3% convertible subordinated notes due 2015, in an underwritten registered public offering.
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In addition, Theravance has granted the underwriters a 30-day option to purchase on the same terms and conditions up to an additional $22.5 million aggregate principal amount of notes to cover over-allotments. The company intends to use the net proceeds from the offering for general corporate purposes.
The notes are convertible into shares of the company’s common stock at an initial conversion rate of 38.6548 shares per $1,000 principal amount of the notes, subject to adjustment in certain circumstances, which represents an initial conversion price of approximately $25.87 per share. Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint book-running managers of the public offering.