Orexigen amends 0% convertibles to allow for 2.75% convertible buyback

By Tali Rackner

Norfolk, Va., Dec. 20 – Orexigen Therapeutics, Inc. amended the indenture for its zero-coupon convertible senior secured notes due 2020 on Monday, according to an 8-K filing with the Securities and Exchange Commission.

Under the amendment, the limitations on the company’s ability to redeem debt were amended to allow it to use up to $10 million to repurchase or redeem its 2.75% convertible senior notes due 2020.

In addition, the required restricted cash balance amounts were reduced by the amount the company spends on the note repurchases.

U.S. Bank NA is the trustee.

San Diego-based Orexigen is a biopharmaceutical company focused on development of treatments of obesity.

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