Exelixis raises $377.5M in bumped-up note deal, follow-on

Exelixis Inc. (NASDAQ:EXEL) raised $377.5 million in bumped-up concurrent offerings of 4.25% convertible senior notes and 30 million shares. The company sold $250 million of the notes, which mature on Aug. 15, 2019. The notes have an initial conversion price of $5.31, which is a 5% discount to Exelixis' close of $5.58 on Aug. 3, before the offerings were announced. The shares sold at $4.25 per share, for a total of $127.5 million. On Monday, Exelixis said it planned to sell $225 million in notes and 20 million shares. Goldman Sachs; Cowen; Citi; Credit Suisse; and Morgan Stanley underwrote the note deal. Goldman Sachs; Cowen; Piper Jaffray; Stifel Nicolaus Weisel; and William Blair underwrote the follow-on. Exelixis was up $0.06 to $4.34 on Thursday. ...