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AMRI Announces Pricing of $130 Million Cash Convertible Senior Notes
Date:11/20/2013

ALBANY, N.Y., Nov. 20, 2013 /PRNewswire/ -- Albany Molecular Research, Inc. (NASDAQ: AMRI) ("AMRI") announced that it has upsized to $130.0 million principal amount and priced its previously announced private offering of cash convertible senior notes due 2018 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). AMRI also granted the initial purchasers of the notes an option to purchase up to an additional $20.0 million principal amount of the notes solely to cover over-allotments, if any.

When issued, the notes will be unsecured senior obligations of AMRI and bear interest at a rate of 2.25% per annum, payable semi-annually on May 15 and November 15 of each year, commencing May 15, 2014. The notes will mature on November 15, 2018, unless earlier repurchased or converted into cash in accordance with their terms prior to such date. The notes will be convertible at the option of the holders only in certain circumstances and solely into cash. The notes will not be convertible into AMRI's common stock or any other security under any circumstances. AMRI will not have the right to redeem the notes prior to maturity. The conversion rate for the notes will initially be 63.9844 shares of AMRI's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $15.63 per share of AMRI's common stock. The initial conversion price of the notes represents a premium of approximately 32.0% to the $11.84 per share last reported sale price of AMRI's common stock on November 19, 2013. The offering of the notes is expected to close on November 25, 2013, subject to customary closing conditions.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint-bookrunning managers for the offering.

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