OSI raises $175M in note deal

OSI (NASDAQ:OSIP) raised $175 million in a bumped-up placement of convertible senior subordinated notes due 2038. The notes bear 3% interest and will convert into stock at $73.82, which is a 57% premium to OSI's close of $47.14 on Wednesday, before the offering was announced. The company proposed to raise $150 million. OSI plans to use $65 million to repurchase 1.5 million of its 58.1 million shares outstanding and also use part of the proceeds to repurchase its 3.25% convertible senior subordinated notes due 2023. ...