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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.

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