Mylan completes $2.89B financing

USA-based Mylan says that it completed the sale of 2.14 million shares of 6.50% mandatory convertible preferred stock at $1,000 each and 53.5 million of common stock at $14 per share pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission. The amounts sold include 279,000 shares of preferred stock issued pursuant to the underwriters' exercise of the overallotment option.

The offerings generated net proceeds, after underwriting discounts and expenses, totaling approximately $2.8 billion, which will be used to prepay a portion of the bridge loans that were borrowed to finance in part its acquisition of German drugmaker Merck KGaA's generics business.