Human Genome Sciences Completes Offering of $494.5M of Convertible Senior Notes
Human Genome Sciences, Inc. (Nasdaq: HGSI) today announced the completion of its offering and sale of $494.5 million in aggregate principal amount of 3.00% Convertible Senior Notes due 2018 pursuant to a registration statement filed with the Securities and Exchange Commission. This includes the exercise in full by the underwriters of their option to purchase $64.5 million aggregate principal amount of the notes.
The notes will mature on November 15, 2018, and will bear interest at a rate of 3.00% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2012. The notes will be convertible, under certain circumstances, into cash, shares of the company's common stock, or a combination, at the company's election, at an initial conversion rate of 75.0469 shares of the company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $13.33 per share of the company's common stock.
