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Allergan sells $577.4 million in senior notes
IRVINE, Calif. — Allergan Inc. (NYSE: AGN) sold $577.4 million principal amount of zero coupon convertible senior notes due 2022 in a private offering. The company anticipates gross proceeds of approximately $450 million from the sale. Initial purchasers were granted the option to purchase an additional $64.2 million aggregate principal amount of notes, giving Allergan additional gross proceeds of approximately $50 million.
The notes carry a 1.25% yield to maturity and will be convertible into shares of Allergan common stock if the closing price of Allergan’s common stock exceeds certain levels. The conversion price represents a 25.45% conversion premium on the Oct. 31 New York Stock Exchange closing price of common stock.
Allergan may redeem the notes at the accreted value in whole or part on or after the fifth anniversary of the issuance of the notes. Holders may require Allergan to purchase their notes on the fifth, tenth and fifteenth anniversary of the notes.
Ista approves financing plan
IRVINE, Calif. — Ista Pharmaceuticals Inc. (NASDAQ: ISTA) stockholders approved four finance proposals at a special meeting, including the terms of Ista’s private placement of $40 million of its common stock at $0.38 per share and warrants exercisable for $6 million of common stock to investors at $0.38 per share.
The stockholders approved the full conversion of promissory notes issued in Ista’s bridge financing to investors for share of common stock and an increase in the number of shares reserved for issuance pursuant to the 2000 stock plan by a total of 25 million shares.
Approved an amendment to Ista’s certificate of incorporation to effect a reverse stock split of ISTA’s common stock of not less than 1-for-7 and not more than 1-for-10, with Ista’s board of directors having the authority to determine which, if any, of these reverse stock splits to effect within those parameters.