Pacira BioSciences, Inc. has announced the pricing of US$350 million aggregate principal amount of convertible senior notes due 2025 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offering size was increased from the previously announced offering size of US$300 million aggregate principal amount of notes. Pacira also granted the initial purchasers of the notes a 30-day option to purchase up to an additional US$52.5 million aggregate principal amount of notes. The sale of the notes to the initial purchasers is expected to settle on July 10, 2020, subject to customary closing conditions. Pacira estimates that the net proceeds from the offering will be approximately US$339 million (or approximately US$389.9 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.
Latham & Watkins LLP represented the initial purchasers in the offering with a corporate team led by New York partners Greg Rodgers and Nathan Ajiashvili, with counsel Arash Aminian Baghai and associates Taylor Stevens, Ryan Gold, and Regan Devers. Advice was also provided on equity derivative matters by New York partner Reza Mojtabaee-Zamani, with associates Eric Rice and Dian Yu; and on tax matters by New York partner Elena Romanova, with associates Lea Li and Ron Moore.