ANI Pharma Reports Pricing Of Upsized $125 Mln Convertible Notes Offering

(RTTNews) - ANI Pharmaceuticals, Inc. (ANIP) announced the pricing of an underwritten public offering of $125 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2019. The aggregate principal offering amount was increased from the earlier announced offering size of $100 million.

The underwriters are granted a 30-day option to buy up to an additional $18.75 million aggregate principal amount of the notes from the company, solely to cover over-allotments, if any. The initial conversion rate of the Notes would be 14.3916 common shares of the company per $1,000 principal amount of notes, equivalent to a conversion price of around $69.48 per share.

As a result of the convertible note hedge and warrant transactions, the initial effective conversion price for the notes, solely from the perspective of the company, is $96.21 per share, representing an 80% premium to the closing sale price of the company's common stock on December 4, 2014.