Why Aegerion Pharmaceuticals (AEGR) Stock Is Down Today

NEW YORK (TheStreet) -- Aegerion Pharmaceuticals  (AEGR) fell Tuesday after the company announced the pricing of its offering of $300 million aggregate principal amount of 2% convertible senior notes due 2019.

The offering includes an option for initial purchasers to buy up to an additional $45 million aggregate principal amount of notes to cover overallotments. The conversion rate for the notes will start at 24.2866 shares of Aegerion common stock per $1,000 principal amount of notes, or approximately $41.175 per share. This represents a 35% premium to the stock's closing price of $30.50 on Monday.

The stock was down 1.44% to $30.06 at 10:47 a.m. More than 2.1 million shares had changed hands, compared to the average volume of 984,766.

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AEGR Chart AEGR data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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