Isis to offer $125M in notes |
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Thu, 18 Jan 2007 13:46
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CARLSBAD, Calif. (AFX) - Drug maker Isis Pharmaceuticals Inc. said Thursday it agreed to offer $125 million in notes in a private placement.Initial purchasers of the 2 5/8 percent convertible subordinated notes due 2027 have the option to purchase up to an additional $37.5 million in new convertible notes.Proceeds from the sale will be used to repurchase, retire or repay $125 million of its existing 5.5 percent convertible subordinated notes due 2009. Proceeds will also be used for general corporate and working capital purposes.Isis will also use part of the net proceeds to buy back about $44.1 million of existing convertible notes.The new convertible notes will be convertible to 68.38 shares per $1,000 principal amount of notes and will be redeemable on or after Feb. 15, 2012. The conversion rate is equivalent to about $14.63 per share, a 30 percent premium to the closing price of Isis' common stock on Wednesday.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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