Sterling Biotech replaces all convertibles due 2012 in exchange offer

By Angela McDaniels

Tacoma, Wash., March 24 - Sterling Biotech Ltd. issued $206,464,000 of new zero-coupon foreign-currency convertible bonds due 2019 in exchange for its existing zero-coupon foreign-currency convertible bonds due 2012, according to a company letter to the Bombay Stock Exchange.

Of the $250 million principal amount of convertibles due 2012 originally issued, $134.5 million principal amount remained outstanding prior to the exchange.

The conversion price of the new convertibles is Rs. 60 per share.

At a meeting held Nov. 20, the bondholders voted to approve the exchange and the conversion price, to suspend litigation against the company in India and the United Kingdom and to withdraw that litigation upon completion of the exchange offer.

Sterling Biotech is a Mumbai-based manufacturer of pharmaceutical gelatin.

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