Impax Labs buys back $62.25 million 3.5% convertibles at discount

By Jennifer Chiou

New York, Dec. 3 - Impax Laboratories Inc. repurchased $62.25 million of its 3.5% convertible debentures due 2012 at the request of holders, according to a 10-12G/A filing with the Securities and Exchange Commission.

The transactions took place in August and September, with the company paying $60.3 million, including $433,000 of accrued interest.

The company said that funds were generated from the liquidation of its short-term investments.

Impax added that the remaining $12.75 million of 3.5% debentures are subject to repurchase at 100% of the face value on June 15, 2009 at the option of the holders.

The securities were issued in a June 2005 private placement.

Impax is a Hayward, Calif., specialty pharmaceutical company.

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