Alpharma exchanges $17 million convertibles, may exchange more

New York, Dec. 24 - Alpharma Inc. said it exchanged $17 million of its 5¾% convertible subordinated notes for 745,000 shares of class A common stock.

The Fort Lee, N.J. specialty pharmaceutical company said it may exchange up to $17 million more of the notes before Dec. 31, 2001.

The exchange already completed will result in non-cash charge of $3.6 million or eight cents per share in the fourth quarter, Alpharma said.

In addition, Alpharma said it expects to prepay $65 million of senior term debt by the end of the year.

Alpharma stock closed at $25.37 Friday.

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