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Sepracor exchanges $504 million 0% convertibles for stock, cash
New York, Sept. 3 - Sepracor Inc. said it exchanged $504.18 million principal amount of its 0% convertible senior subordinated notes for 16.516 million shares of common stock and $66.457 million in cash in a series of privately negotiated transactions.
The conversions took place on Aug. 30, Aug. 31 and Sept. 1, according to an 8-K filing with the Securities and Exchange Commission.
On Aug. 30, Sepracor exchanged $46.5 million principal amount of its series A 0% convertible senior subordinated notes due 2008 for 1.458 million shares of common stock and $6.394 million in cash.
Also on Aug. 30, the company exchanged $121 million principal amount of its series B 0% convertible senior subordinated notes due 2010 for 4.056 million shares of common stock and $16.033 million in cash.
On Aug. 31, Sepracor exchanged $50 million principal amount of its series A 0% convertibles for 1.568 million shares of common stock and $6.625 million in cash.
Also on Aug. 31, Sepracor exchanged $44.5 million principal amount of its series B 0% convertibles for 1.492 million shares of common stock and $5.563 million in cash.
On Sept. 1, Sepracor exchanged $80.7 million principal amount of its series A 0% convertibles for 2.530 million shares of common stock and $10.850 million in cash.
Also on Sept. 1, Sepracor exchanged $161.480 million principal amount of its series B 0% convertibles for 5.412 million shares of common stock and $20.992 million in cash.
Sepracor, a Marlborough, Mass., pharmaceutical company, sold $750 million of the convertibles in January, $250 million in tranche A and $500 million in tranche B.
Sepracor stock closed at $50.02 Friday.
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