Published on October 1, 2009 at 3:00 AM
Incyte Corporation (Nasdaq:INCY) today announced that it has completed its previously announced private placement of $400.0 million aggregate principal amount of 4.75% Convertible Senior Notes due 2015, including notes issued upon the exercise in full of the initial purchasers’ option to purchase additional notes. Incyte estimates that the net proceeds from this offering will be approximately $387.3 million, after deducting fees and expenses. Incyte repurchased $86.3 million of its existing 3½% Convertible Senior Notes due 2011 and $99.9 million of its existing 3½% Convertible Subordinated Notes due 2011 concurrently with the private placement. Incyte intends to use the balance of the net proceeds to repurchase or otherwise retire outstanding debt through open market transactions, negotiated transactions or otherwise, and to the extent not used to repurchase or otherwise retire outstanding debt, for general corporate purposes, including research and development activities.
Source: Incyte Corporation
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