OSI Pharmaceuticals calls $160 million of 4% convertibles

Pittsburgh, June 18 - OSI Pharmaceuticals Inc. has called $160 million of its outstanding 4% convertible subordinated notes due 2009. The redemption date is July 19.

Notes will be redeemed at a price of $1,000 per $1,000 principal amount, plus outstanding guaranteed interest.

Holders may convert their notes to shares of OSI common stock before the close on July 16 at a price of $50 per share, or 20 shares for $1,000 principal amount.

Cash will be paid instead of fractional shares and holders who convert their notes will receive a cash "make-whole" payment equal to the outstanding guaranteed interest, or about $40 per $1,000 principal amount.

OSI stock closed Thursday at $67.63 per share.

OSI Pharmaceuticals is a Melville, N.Y., biotechnology company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.