Alpharma to cut 6.875% convertibles to $10 million by Dec. 1

New York, March 31 - Alpharma Inc. said it intends to cut its outstanding 3% convertible senior subordinated notes due 2006 yield 6.875% to $10 million or less by Dec. 1, as required by the covenants in its credit facility.

As of Dec. 31, the Fort Lee, N.J.-based generic pharmaceutical company had $153.9 million of the securities outstanding.

Alpharma is looking at "a number of scenarios" to retire the convertibles, according to a 10-K filing with the Securities and Exchange Commission.

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