New York, Oct. 10 - Nektar Therapeutics said it issued $33.591 million 3% convertible subordinated notes due June 2010 in exchange for $50 million principal amount of its existing 3.5% convertible subordinated notes due October 2007.
The San Carlos, Calif. drug delivery technology company said the exchange was completed through "a limited number" of privately negotiated transactions.
The new notes have a longer maturity, lower coupon and lower conversion price ($11.35 versus $50.46) than the old notes.
The new notes are collateralized by $2.7 million of U.S. Treasuries.
Terms of the new notes are as follows:
Issuer: Nektar Therapeutics
Issue: | Convertible subordinated notes
|
Amount | $33.591 million
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Maturity: | June 30, 2010
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Coupon: | 3.0% starting Dec. 30, 2003
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Conversion price: | $11.35
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Conversion ratio: | 88.1057
|
Call: | June 30, 2006 onwards
|
Soft call: | At any time with coupon make-whole subject to 150% hurdle
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Settlement: | Oct. 9
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