Par Pharmaceutical buys back $49.3 million of its convertible debt

By Devika Patel

Knoxville, Tenn., Aug. 4 - Par Pharmaceutical Cos., Inc. said it repurchased $13.8 million of its convertible debt in the past year. An additional $35.5 million in convertible debt was repurchased subsequent to the balance sheet date at a discount.

The company now has $92.7 million in convertible debt, which will mature on Sept. 30, 2010.

Woodcliff Lake, N.J.-based Par develops generic drugs and branded pharmaceuticals for specialty markets.

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