Funds managed by Baupost buy 0% five-year convertible senior notes
By Devika Patel
Knoxville, Tenn., Oct. 15 – Keryx Biopharmaceuticals, Inc. said it plans a $125 million private placement of 0% five-year convertible senior notes with funds managed by Baupost Group, LLC.
The notes may be converted into common stock at $3.74 per share, which is identical to the Oct. 14 closing share price.
Keryx is a New York-based pharmaceutical company.
| Issuer: | Keryx Biopharmaceuticals, Inc.
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| Issue: | Convertible senior notes
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| Amount: | $125 million
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| Maturity: | October 2020
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| Coupon: | 0%
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| Conversion price: | $3.74
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| Warrants: | No
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| Investor: | Baupost Group, LLC
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| Pricing date: | Oct. 15
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| Stock symbol: | Nasdaq: KERX
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| Stock price: | $3.74 at close Oct. 14
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| Market capitalization: | $424.37 million
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