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The coupon on the notes is 5.5% per year on the principal amount. Interest accrues from August 22 and is payable semi-annually in arrears on August 15 and February 15 of each year, beginning February 15, 2009. The notes will mature on August 15, 2028. They are not redeemable by Salix prior to August 15, 2013.
Salix said that the initial conversion rate for the notes is 108.0847 shares of Salix common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of around $9.25 per share of common stock and represents a 20% conversion premium over the last reported sale price of Salix's common stock on August 18, which was $7.71 per share.
The company plans to use the net proceeds from the offering to fund potential product acquisition or in-licensing opportunities, to develop and commercialize product candidates and new indications for rifaximin and to provide ongoing working capital and for general corporate purposes.
Raleigh, North Carolina-based Salix Pharmaceuticals develops and markets prescription pharmaceutical products for the treatment of gastrointestinal diseases.
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