Depomed raises $300M in bumped-up note deal

Depomed Inc. (NASDAQ:DEPO) raised $300 million through the sale of convertible senior notes. The notes bear 2.5% interest and mature on Sept. 1, 2021. The notes initially convert at $19.24, a 26% premium to the company's close of $15.31 on Tuesday, before Depomed proposed to raise $230 million in the offering. Morgan Stanley and RBC Capital Markets are joint book-running managers. Depomed develops and markets drugs for pain and CNS indications, including Gralise gabapentin to treat post-herpetic neuralgia (PHN). ...