OSI holders convert nearly all 3.25% convertibles ahead of redemption

By Jennifer Chiou

New York, May 6 - OSI Pharmaceuticals, Inc. said holders converted all but $25,000 of its $60,467,000 of 3.25% convertible senior subordinated notes due 2023 ahead of the April 21 redemption date.

The company paid holders of the remaining notes par plus accrued interest to the redemption date, according to a 10-Q filing with the Securities and Exchange Commission.

Holders converted their notes into OSI common stock at a price of $50.02 per share, or 19.9925 shares per $1,000 principal amount of notes. The company's shares closed at $58.94 (Nasdaq: OSIP) on March 22, when the redemption was announced.

The Bank of New York Mellon (800 438-5473) was the trustee.

The notes were issued in September 2003.

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

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