Intercell Starts Offering of EUR 30.8m Senior Convertible Debt Financing

VIENNA, Feb. 22, 2011 /PRNewswire/ -- Intercell AG (VSE: ICLL) today announced the offering of EUR 30.8m of Senior Unsecured Convertible Notes (the "Notes"). The Notes will be placed in a non-public offering to institutional investors through an accelerated overnight book-building process which starts today after market close and is expected to be completed on Wednesday, February 23, 2011.

The expected terms include a coupon of up to 6% per annum and a conversion premium to today's closing share price. The principal amount will amortize over three years in quarterly installments. Principal and interest payments under the Notes may be paid in cash or, subject to minimum thresholds in trading volumes and values, in freely tradable listed shares of Intercell, at the sole option of Intercell. Statutory subscription rights of the existing shareholders will be excluded.

The original investors in the Notes will have the right to purchase an additional EUR 30.8m of Notes on the same terms as the original issue for a period of 12 months following the closing and an additional EUR 15.4m of Notes for a period of 18 months following the closing.

The final terms of the Notes are expected to be fixed on Wednesday, February 23, 2011 based on the results of a book-building procedure and will be announced without undue delay. The book-building is managed by Erste Group Bank AG.

For more information, please visit: www.intercell.com

This communication expressly or implicitly contains certain forward-looking statements concerning Intercell AG and its business, including words  such as "could," "should," "may," "expects," "anticipates," "believes," "intends," "estimates," or similar words. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Intercell AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Intercell AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SOURCE Intercell AG

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