Biovail raises $300M in note deal

Biovail Corp. (TSX:BVF; NYSE:BVF) raised US$300 million through the sale of 5.375% senior convertible notes due 2014. The notes have an initial conversion price of US$14.91, which is a 16% premium to Biovail's NYSE close of US$12.86 on Tuesday, before the offering was announced. Biovail also granted one of the initial purchasers an option to buy an additional US$50 million in notes. Late Tuesday, Biovail proposed to sell $200 million in notes. ...