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Cytyc to sell bonds to pay for Novacept:

This article was originally published in Clinica

Executive Summary

Cervical cancer screening group Cytyc plans to sell $220m of convertible notes to help fund its $311m net cash purchase of Novacept. The Boxborough, Massachusetts-based company plans to sell the notes to qualified institutional buyers, and to grant the initial purchasers an option to buy up to $30m in additional notes. Cytyc announced its intention to acquire Novacept, which makes the NovaSure device to treat menorrhagia, earlier this month (see Clinica No 1098, p 13). It had said it would fund the deal through cash in hand and a bank financing.

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