OSI Pharmaceuticals 2% notes to remain convertible through first quarter

By Laura Lutz

Des Moines, Jan. 9 - OSI Pharmaceuticals, Inc. announced that its 2% convertible senior notes due 2025 will remain convertible through March 30.

The notes became convertible because the company's stock closed at or above $35.32 for the 20 trading days within the 30 trading days ended on Dec. 29.

The conversion rate of the notes is 33.9847 shares per $1,000 principal amount, or $29.43 per share.

The notes were also convertible in the fourth quarter of 2006.

There is $115 million principal amount of the notes outstanding.

OSI Pharmaceuticals is a pharmaceutical company based in Melville, N.Y.

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