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Isis Pharmaceuticals Prices Offering of $201.25 Million of 2 3/4% Convertible Senior Notes, Including Exercise in Full of Over-Allotment Option
Date:8/8/2012

CARLSBAD, Calif., Aug. 8, 2012 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (NASDAQ: ISIS) announced today the pricing of its offering of $201.25 million aggregate principal amount of Convertible Senior Notes due 2019 (the "Convertible Notes") in a private placement, including $26.25 million aggregate principal amount of the Convertible Senior Notes due 2019 being sold pursuant to the exercise in full of the initial purchasers' over-allotment option. The sale of the Convertible Notes is expected to close on August 13, 2012, subject to customary closing conditions.

Isis expects that the net proceeds from this offering will be approximately $194.8 million, after deducting discounts to the initial purchasers and estimated offering expenses payable by Isis. Following this offering, Isis intends to use a substantial portion of the net proceeds of this offering to redeem its outstanding 2 ⅝%  Convertible Subordinated Notes due 2027 (the "2027 Notes"), and the remainder of the proceeds for general corporate and working capital purposes.

The Convertible Notes will bear interest at a fixed rate of 2 ¾% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2012.  The Convertible Notes will mature on October 1, 2019, unless earlier purchased, redeemed or converted.

The Convertible Notes are convertible, at the option of the holders at any time prior to the close of business on the business day immediately preceding July 1, 2019 only under certain conditions.  On or after July 1, 2019 until the close of business on the second scheduled trading day preceding the maturity date, holders may convert their Convertible Notes at their option at the conversion rate then in effect at any time irrespective of these conditions.  Isis will settle conversions of the Convertible Notes by paying or
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SOURCE Isis Pharmaceuticals, Inc.
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