Enzon Pharmaceuticals extends partial Dutch auction tender offer for 4% convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 8 - Enzon Pharmaceuticals, Inc. extended the modified Dutch auction tender offer for a portion of its 4% convertible senior notes due 2013 to 5 p.m. ET on Jan. 21 from Jan. 7.

According to a company news release, $2.95 million, or 1.1%, of the convertibles had been tendered as of Jan. 8.

The company is offering to purchase up to $133.33 million of the $270.5 million convertibles.

Holders who tender must specify a price of between $700 and $750 per $1,000 principal amount of convertibles. The company will also pay accrued interest up to but excluding the purchase date.

Enzon said it expects to fund the purchase with available cash on hand.

The company announced on Dec. 3 that its board authorized a modified Dutch auction tender offer for a portion of the convertibles. The offer then began on Dec. 8.

Goldman, Sachs & Co. (800 828-3182 or 212 357-4692) is the dealer manager, and Global Bondholder Services Corp. (866 795-2200 or 212 430-3774) is the information agent.

Enzon is a biopharmaceutical company based in Bridgewater, N.J.

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