Illumina to Offer $800 Million Convertible Senior Notes; Expects to Use up to $425M to Repurchase Shares

Illumina, Inc. ILMN today announced its intention to offer, subject to market and other conditions, approximately $800 million principal amount of Convertible Senior Notes due 2016 through offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

Illumina expects to use up to $425 million of the net proceeds from this offering to purchase shares of its common stock in privately negotiated transactions concurrently with this offering. The company also intends to use between approximately $260 million and $390 million of the net proceeds of the offering to fund conversions of its currently outstanding convertible notes. Illumina intends to use the balance of the net proceeds for other general corporate purposes, which may include acquisitions and additional purchases of its common stock.