OSI Pharmaceuticals plans to repurchase 3.25% convertibles

By Jennifer Chiou

New York, Jan. 2 - OSI Pharmaceuticals, Inc. announced its plans to repurchase or retire its 3.25% convertible senior subordinated notes due 2023 using a portion of proceeds from a new issue of $150 million of convertible senior subordinated notes due 2038.

The Melville, N.Y., pharmaceutical company said that it will also grant the initial purchasers a 13-day option to purchase up to an additional $22.5 million of the new notes.

Remaining proceeds are slated for funding repurchases of OSI's common stock concurrently with the offering using about 30% of gross proceeds as well as for general corporate purposes.

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