Amicus slides after proposing notes offering

Rare disease company Amicus Therapeutics Inc. (NASDAQ:FOLD) sank $1.05 (18%) to $4.80 on Thursday after it proposed to raise $225 million through the sale of convertible senior notes due 2023 in a private placement.

The company expects to enter privately negotiated capped call transactions with financial institutions to reduce potential dilution to existing shareholders and offset costs upon the notes' conversion. Amicus intends to use a portion of the funds from the note deal to refinance existing unsecured debt and fund the cost of the capped call transactions...