Synergy to issue stock in exchange for $20.7 million 7.5% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 21 – Synergy Pharmaceuticals Inc. agreed to issue 7,555,683 shares of common stock in exchange for about $20.7 million of its 7.5% convertible senior notes due 2019 and accrued interest, according to an 8-K filing with the Securities and Exchange Commission.

The transactions were expected to close Nov. 21 under separate, privately negotiated exchange agreements reached with the holders on Nov. 16 and Nov. 21.

Once the exchanges settle, about $23.5 million principal amount of the convertibles will remain outstanding.

Synergy is a New York-based biopharmaceutical company.

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