ACETO Prices $125 Mln Of Convertible Senior Notes Due 2020

(RTTNews) - ACETO Corp. (ACET) Wednesday announced the pricing of $125 million aggregate principal amount of convertible senior notes due 2020 in a private placement to qualified institutional buyers.

ACETO has also granted the initial purchasers of the notes an option to purchase up to an additional $18.75 million aggregate principal amount of the notes within 13 days of the initial closing of the notes offering, to cover over-allotments.

The sale of the notes to the initial purchasers is expected to settle on November 16. It is expected to result in $120.5 million in net proceeds to ACETO after deducting the initial purchasers' discount and estimated offering expenses.

The notes will be senior, unsecured obligations of ACETO, bearing interest at a rate of 2 percent per year. They will mature on November 1, 2020, unless earlier repurchased or converted.

ACETO expects to use $77.3 million of the net proceeds from the offering to repay debt.