This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Medidata Solutions Announces Pricing Of Convertible Senior Notes Offering

Medidata Solutions, Inc. (NASDAQ: MDSO) today announced the pricing of an offering of $250 million aggregate principal amount of its 1.00% convertible senior notes due 2018 (the “Notes”). The Notes are being offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). Medidata has granted the initial purchasers a 30-day option to purchase up to an additional $37.5 million aggregate principal amount of the Notes on the same terms and conditions to cover over-allotments, if any. The offering is expected to close on August 12, 2013, subject to customary closing conditions.

The Notes will be senior unsecured obligations of Medidata. Interest on the Notes will be paid semi-annually at a rate of 1.00% per year, and the Notes will mature on August 1, 2018, unless earlier repurchased or converted.

Prior to February 1, 2018, the Notes will be convertible at the option of the noteholders only upon the occurrence of specified events; thereafter until maturity the Notes will be convertible at the option of the noteholders at any time. Upon conversion, the Notes will be settled in cash, shares of Medidata’s common stock or any combination thereof at Medidata’s option. The initial conversion rate per $1,000 principal amount of Notes is equivalent to 8.6143 shares of common stock, which is equivalent to a conversion price of approximately $116.09 per share of common stock, subject to adjustment in certain circumstances. This initial conversion price represents a premium of approximately 35% relative to the last reported sale price on August 6, 2013 of Medidata’s common stock of $85.99.

Holders may require Medidata to repurchase their Notes upon a fundamental change at a purchase price equal to the principal amount thereof plus accrued and unpaid interest to, but excluding, the repurchase date. Medidata may not redeem the Notes prior to maturity.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs