Sepracor buys back $131.1 million 7% convertibles

New York, Sept. 24 - Sepracor Inc. said it bought back $131.1 million face amount of its 7% convertibles subordinated debentures due 2005 at a cost of $84.8 million in cash.

Sepracor said it made the repurchases in privately negotiated transactions.

Following the buy-backs and conversions during 2002, the Marlborough, Mass. pharmaceutical company now has $111.9 million of the 7% convertibles outstanding out of the $300 million issued in December 1998. In total the company has $982 million of convertibles outstanding.

Sepracor said the repurchase will save it $29.7 million in interest payments over the life of the securities and will avoid having to issue 2.1 million shares on conversion of the debentures.

The 7% convertibles convert at a price of $62.4375 per share. Sepracor stock closed at $4 on Monday.

Sepracor added that it may buy back further convertibles in the future, depending on market conditions.

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