New York, Nov. 3 - Nektar Therapeutics said it issued $11.71 million of 3% convertible subordinated notes due June 2010 in exchange for $17.125 million principal amount of its existing 3.5% convertible subordinated notes due October 2007.
The San Carlos, Calif. drug delivery technology company said the exchange was completed in privately negotiated transactions.
The new notes have a longer maturity, lower coupon and lower conversion price ($11.35 versus $50.46) than the old notes.
Terms of the new notes are the same as a previous transactions, announced on Oct. 10, when Nektar said it issued $33.591 million of 3% convertible subordinated notes due June 2010 in exchange for $50 million principal amount of its existing 3.5% convertible subordinated notes due October 2007, and Oct. 20, when Nektar said it issued $13.978 million of 3% convertible subordinated notes due June 2010 in exchange for $20.815 million principal amount of its existing 3.5% convertible subordinated notes due October 2007. The new 3% notes are now collateralized by a total of $4.9 million of U.S. Treasuries.
Terms of the new notes are as follows:
Issuer: Nektar Therapeutics
| Issue: | Convertible subordinated notes
|
| Amount | $11.71 million
|
| Maturity: | June 30, 2010
|
| Coupon: | 3.0% starting Dec. 30, 2003
|
| Conversion price: | $11.35
|
| Conversion ratio: | 88.1057
|
| Call: | June 30, 2006 onwards
|
| Soft call: | At any time with coupon make-whole subject to 150% hurdle
|
| Settlement: | Oct. 31
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
