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

Incyte Announces Proposed Offering Of $700 Million Of Convertible Senior Notes

Incyte Corporation (Nasdaq: INCY) today announced its intention to offer, subject to market and other conditions, $350 million aggregate principal amount of convertible senior notes due 2018 and $350 million aggregate principal amount of convertible senior notes due 2020 in a private placement to qualified institutional buyers pursuant to an exemption from the registration requirements of the Securities Act of 1933. Incyte expects to grant the initial purchasers of the notes an option to purchase up to an additional $25 million aggregate principal amount of each series of the notes.

Entities affiliated with Julian C. Baker, a director of the Company, have indicated an interest in purchasing up to $500 million aggregate principal amount of notes in this offering.

The Company intends to use up to $500 million of the net proceeds from this offering to repurchase or otherwise retire a portion of the Company’s 4.75% convertible senior notes due 2015, through open market transactions, negotiated transactions or otherwise. The Company has indicated an interest in repurchasing, and entities affiliated with Mr. Baker have indicated an interest in selling to the Company, convertible notes held by those entities with a value of up to $500 million, in a privately negotiated transaction. The Company intends to use the remainder of the net proceeds from this offering to continue investing in research and development, and for other general corporate purposes.

The notes will bear cash interest, payable semi-annually, and will not be redeemable prior to maturity. The notes will be convertible only during certain periods and subject to certain circumstances, into cash, shares of Incyte’s common stock, or a combination of cash and shares of Incyte’s common stock, at Incyte’s election. Final terms of each series of notes, including interest rates, conversion rates and other terms, will be determined at the time of pricing.

1 of 3

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
AAPL $92.72 -0.56%
FB $119.49 1.43%
GOOG $711.12 1.38%
TSLA $214.93 1.61%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs