Pacira Pharmaceuticals Announces Proposed Offering of $100 Million of Convertible Senior Notes

Pacira Pharmaceuticals, Inc. PCRX (the “Company”) today announced that it proposes to offer $100 million of aggregate principal amount of its convertible senior notes due 2019, subject to market conditions and other factors. The notes are to be offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The notes will be the senior, unsecured obligations of the Company and will accrue interest payable semiannually in arrears. Upon conversion, holders will receive cash up to the principal amount of the notes and, with respect to any excess conversion value, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's option. The interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering. Pacira also expects to grant to the initial purchasers a 30-day option to purchase up to an additional $10 million of aggregate principal amount of the notes on the same terms and conditions, solely to cover sales in excess thereof, if any.