Salix raises $600M in note deal

Salix Pharmaceuticals Ltd. (NASDAQ:SLXP) raised $600 million in a bumped-up offering of 1.5% senior convertible notes due March 15, 2019. The notes initially convert at $65.81 per share, which is a 35% premium to Salix's close of $48.75 on Monday, before the company proposed to raise $500 million in a note offering. Salix said it will use the proceeds to purchase about $120.4 million of its 5.5% convertible senior notes due 2028 and to repurchase up to $75 million of its outstanding shares in off-market transactions. ...