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ViroPharma to automatically convert $18.75 million of 6% convertibles
By Sheri Kasprzak
Atlanta, June 20 - ViroPharma Inc. said it plans to exercise its option to automatically convert $18.75 million in senior secured convertible notes.
The 6% notes due October 2009 will be converted into 7.5 million common shares.
The company initially sold $75 million of the notes Oct. 18, 2004 to help fund its acquisition of Vancocin from Eli Lilly & Co.
Under the terms of the offering, ViroPharma may convert automatically up to 25% of the notes when its volume-weighted average stock price exceeds $3.75 per share for 20 trading days in any 30-day period.
Following recent auto-conversions, $16.2 million of the notes remain outstanding.
Also, ViroPharma redeemed $12.2 million of its outstanding 6% convertible subordinated notes due March 2007, reducing the principal outstanding to $86.7 million.
According to a statement from ViroPharma, redemption and conversion of the notes has reduced the company's overall debt by $96.7 million over the last six weeks. The company's total debt will be $102.9 million following the conversions and redemptions.
Based in Exton, Pa., ViroPharma is focused on treatments for viral diseases.
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