OSI Pharmaceuticals notes will be convertible through first quarter

By Devika Patel

Knoxville, Tenn., Jan. 8 - OSI Pharmaceuticals, Inc. announced holders of its 2% convertible senior notes due 2025 may convert their holdings through March 31.

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 Dec. 31.

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

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

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

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