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Amgen offers cash payment to holders who do not exercise put
New York, Feb. 22 - Amgen Inc. said it will make a one-time cash payment to holders of its Liquid Yield Option Notes due 2032 who do not exercise the upcoming put option.
The Thousand Oaks, Calif., biotechnology company will pay $9.23 per $1,000 principal amount at maturity, equivalent to 1.25% of the accreted value.
Amgen will also amend the LYONs indenture to add a further put on March 1, 2006 at the accreted value of $747.01 per $1,000 principal amount at maturity. The new put will be payable in cash, stock or a combination.
The upcoming put is at a price of $738.68 per $1,000 principal amount at maturity, and Amgen has chosen to pay in cash.
Investors can exercise the option up to 5 p.m. ET on March 1.
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