Vertex Pharmaceuticals calls $400 million 3.35% convertibles due 2015

By Tali David

Minneapolis, May 17 - Vertex Pharmaceuticals Inc. called $400 million of its 3.35% convertible senior subordinated notes due 2015 under the provisional "soft call" redemption right, according to a press release.

Any convertibles outstanding on June 17 will be redeemed at par plus a make-whole interest payment of $16.75 per $1,000 principal amount payable in shares of Vertex's common stock.

The notes are convertible on or before June 14 into shares of Vertex's common stock at a conversion price of about $48.83 per share (20.4794 shares per $1,000 principal amount).

On May 16, the closing price for Vertex's common stock was $77.89.

The pharmaceutical company is based in Cambridge, Mass.

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