Illumina said after the close of the market recently that it intends to offer approximately $650 million of convertible senior notes due 2023.

Illumina also intends to grant the initial purchasers a 30-day option to purchase up to an addition $100 million of the notes for a potential offering size of $750 million.

Upon conversion of the notes, holders will receive, at Illumina's election, cash, shares of the company's common stock, or a combination thereof. Interest rate, conversion rate, and other terms of the notes will be determined by negotiations between Illumina and the initial purchasers.

Illumina plans to use net proceeds of the offering to repurchase up to $150 million of its common stock concurrently with the offering in privately negotiated transactions. It said it will use the remainder of the proceeds for general corporate purposes, which may include repayment of its 0.0 percent convertible senior notes due 2019.