Human Genome to price $230 million of seven-year convertibles to yield 2.25%, up 20%

By Rebecca Melvin

Princeton, N.J., Aug. 3 - Human Genome Sciences Inc. said it will price $230 million of seven-year convertible subordinated notes via bookrunners Citigroup and Merrill Lynch.

The Rule 144A deal was expected to price overnight Wednesday.

The notes will have a coupon of 2.25% and an initial conversion premium of 20%. There is no greenshoe.

They are non-callable for life, with no puts, and include takeover and dividend protection.

Based in Rockville, Md., Human Genome plans to use all the net proceeds from the offering to repurchase from time to time its 5% convertible subordinated notes due 2007 and its 3.75% convertible subordinated notes due 2007.

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