OSI Pharmaceuticals 2% notes to remain convertible

By Devika Patel

Knoxville, Tenn., July 10 - OSI Pharmaceuticals, Inc. announced its 2% convertible senior notes due 2025 will remain convertible through Sept. 30.

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

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

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

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

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