United Therapeutics greenshoe fully exercised, raising convertibles issue to $250 million

By Jennifer Chiou

New York, Oct. 30 - Deutsche Bank Securities Inc. exercised in full United Therapeutics Corp.'s $40 million over-allotment option, augmenting the company's convertibles issue to $250 million, according to an 8-K filing with the Securities and Exchange Commission.

On Oct. 24, the company priced $210 million of the five-year convertible senior notes at a coupon of 0.5% and an initial conversion premium of 21%.

As already reported, the initial conversion price was set at $75.2257 per share, or an initial conversion rate of 13.2933 shares per note.

The convertibles will be non-callable for life, and there will be no puts.

There is dividend and takeover protection.

There is a net-share settlement feature.

The Silver Spring, Md.-based drug maker said expected net proceeds will be about $242 million.

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