Neurochem to convert all outstanding 5% notes due 2012

By Sheri Kasprzak

New York, June 18 - Neurochem Inc. said Monday it plans to convert all of its $40 million in 5% senior subordinated notes due 2012.

The notes will be converted at a price equal to the lesser of $12.68 and the daily volume weighted average price for the five trading days beginning June 15. There is a minimum conversion price of $9.00.

Since the offering closed on May 2, the company has converted $33.644 million in principal of the notes into 3,738,223 common shares. The remaining $6.356 million will be converted into roughly 706,222 common shares.

The holders of the notes include Hudson Bay Fund, LP, Hudson Bay Overseas Fund, Ltd., J.P. Morgan Omni SPC, Ltd. - BIOV1 Segregated Portfolio, Enable Growth Partners LP, Enable Opportunity Partners LP, Radcliffe SPC, Ltd. for the Class A Segregated Portfolio, Capital Ventures International, Portside Growth and Opportunity Fund, Tang Capital Partners, LP, JGB Capital, LP, JGB Capital Offshore Ltd. and Iroquois Capital, LP.

Based in Laval, Quebec, Neurochem develops drugs for the treatments for Alzheimer's disease and for the prevention of stroke, among other drugs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.