Alpharma exchanges further $17 million convertibles

New York, Dec. 31 - Alpharma Inc. said it agreed to exchange a further $17.066 million of its 5¾% convertible subordinated notes for stock in addition to the exchange of $17.068 million previously announced.

The Fort Lee, N.J. specialty pharmaceutical company said the two exchanges will reduce long-term debt by $34.134 million and result in a non-cash charge to fourth quarter income of $7.3 million.

The latest exchange will result in Alpharma swapping 741,837 shares for $17.066 million of the notes. Previously the company exchanged 741,924 shares for $17.068 million of notes.

Combined with a previously announced prepayment of $65 million of senior term debt during December, the exchanges are part of an effort by Alpharma to deleverage its balance sheet following its acquisition of F H Faulding's oral solid dose generic pharmaceutical businesses.

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