Qiagen repurchases $291 million of convertible notes due 2026

By Toni Weeks

San Luis Obispo, Calif., March 12 - Qiagen NV said that its offer to purchase $300 million of outstanding convertible notes due 2026 is now expired. The offer was announced on Wednesday and expired on the same day.

The company said it received indications of selling interest from holders representing about $291 million principal amount, or 97%, of the notes. The purchase price will be an aggregate cash consideration of about $366 million and will be based in part on variations in the price of the company's common shares on March 12, according to a company press release.

The repurchases will be financed with proceeds of a new issue of convertibles. The repurchase is conditioned on placement of the convertibles issue, and settlement of the offer is set for the day the new issue closes. Qiagen priced $730 million of convertibles in two tranches on Wednesday.

Qiagen is a holding company that provides sample and assay technologies. It is based in Venlo, Netherlands.

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