By Sheri Kasprzak
Atlanta, April 6 - After postponing the sale of an additional $12.5 million in senior convertible notes in February, ViroPharma Inc. said investors have subscribed for the additional notes.
The investors of the company's initial offering, announced in October, for $62.5 million in notes, exercised an option to buy an additional $12.5 million in principal.
The notes bear interest at 6%, mature Oct. 18, 2009 and are convertible into common shares at $2.50 each.
The additional notes were added Jan. 25 and will be used to finance the acquisition of Vancocin Pulvules, an oral capsule antibiotic, and rights related to the drug from Eli Lilly & Co.
Based in Exton, Pa., ViroPharma develops and commercializes pharmaceuticals.
| Issuer: | ViroPharma Inc.
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| Issue: | Senior convertible notes
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| Amount: | $12.5 million
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| Maturity: | Oct. 18, 2009
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| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
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| Conversion price: | $2.50
|
| Warrants: | No
|
| Settlement date: | April 6
|
| Stock price: | $2.15 at close April 5
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