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Volcano Corporation Prices Offering Of $400 Million 1.75% Convertible Senior Notes Due 2017
Date:12/5/2012

SAN DIEGO, Dec. 5, 2012 /PRNewswire/ -- Volcano Corporation (NASDAQ: VOLC) today announced the pricing of its public offering of $400 million aggregate principal amount of 1.75% convertible senior notes due December 1, 2017 registered under the Securities Act of 1933, as amended. Prior to August 7, 2017, the notes will be convertible only upon certain circumstances and during certain periods. Upon conversion, holders will receive up to the principal amount of the notes in cash and any excess conversion value in shares of Volcano's common stock. Volcano granted the underwriters of the offering a 13-day option to purchase up to $60 million aggregate principal amount of additional notes. The offering is expected to close on December 10, 2012, subject to customary closing conditions.

The notes will mature on December 1, 2017, unless previously converted in accordance with their terms prior to such date. The notes will be general senior unsecured obligations of Volcano, and interest will be payable semi-annually in cash at a rate of 1.75% per annum on June  1 and December  1 of each year, beginning June 1, 2013. The initial conversion rate of 30.4612 shares of common stock per $1,000 principal amount of notes is equivalent to a conversion price of approximately $32.83 per share of common stock, which is 31% higher than the closing price of Volcano's common stock on December 4, 2012.  The conversion rate is subject to adjustment in certain events, such as distributions of dividends and stock splits.

Volcano estimates that net proceeds from the offering will be approximately $387.1 million, after deducting the underwriters' discounts and estimated transaction expenses associated with the offering and the convertible note hedge transactions and the warrant transactions payable by the company. Volcano expects to use approximately $31.4 million of the net proceed
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