OSI Pharmaceuticals says 2% notes will remain convertible in fourth quarter

By Devika Patel

Knoxville, Tenn., Oct. 1 - OSI Pharmaceuticals, Inc. announced that holders of its 2% convertible senior notes due 2025 may convert their holdings through Dec. 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 Sept. 30.

The conversion rate of the notes is 33.9847 shares per $1,000 principal amount, or $29.43 per share. The company's stock closed at $48.43 per share on Wednesday.

Currently, $115 million principal amount of the notes is outstanding.

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

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