Alpharma exchanges $40 million convertibles for stock

New York, March 14 - Alpharma Inc. said it has entered into agreements under which it will issue 2.3 million shares of its class A common stock in exchange for $40 million of its 5¾% convertible subordinated notes.

The transactions are part of the company's previously announced deleveraging plan, Alpharma said. The goal is to increase operating flexibility and facilitate compliance with bank covenants.

In December, the Fort Lee, N.J. specialty pharmaceutical company issued 1.48 million shares in exchange for $34.134 million of its convertibles.

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