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Volcano Corporation to Offer $100 Million Convertible Senior Notes Due 2015
Date:9/13/2010

SAN DIEGO, Sept. 13 /PRNewswire-FirstCall/ -- Volcano Corporation (Nasdaq: VOLC) today announced its intention to offer, subject to market and other conditions, approximately $100 million principal amount of convertible senior notes due September 1, 2015 in an offering registered under the Securities Act of 1933, as amended (the "Securities Act"). Prior to June 1, 2015, the notes will be convertible only upon certain circumstances. 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 also expects to grant the underwriter of the offering an option to purchase up to $15 million aggregate principal amount of additional notes to cover over-allotments.

The notes will be general senior unsecured obligations of Volcano Corporation and will pay interest semi-annually. The interest rate, conversion rate, offering price and other terms will be determined at the time of pricing of the offering. The company expects to use a portion of the net proceeds of the offering of the notes to pay the costs of the convertible bond hedge transactions described below, taking into account the proceeds of the warrant transactions described below. The company may also use a portion of the net proceeds to expand our manufacturing capabilities and/or invest in complementary products, technologies or businesses.  The balance of the net proceeds is expected to be used for working capital and general corporate purposes.

In connection with the pricing of the notes, the company expects to enter into a convertible note hedge transaction with an affiliate of the underwriter (the "option counterparty"), which is expected to reduce the potential dilution with respect to the company's common stock upon conversions of the notes.  The company also expects to enter into a warrant transaction w
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SOURCE Volcano Corporation
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