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SkyePharma offers convertibles due 2024 for existing convertibles due 2005
New York, July 1 - SkyePharma plc said it has begun an exchange offer in which it is offering new 6% convertible bonds due 2024 for its existing 6% convertible bonds due 2005.
The new bonds will form a single series with the £20 million of convertible bonds issued by SkyePharma on May 4.
The London-based drug delivery technology company said it already has commitments from holders of £35 million of the old bonds to participate in the exchange.
The new convertibles will be issued on a one-for-one basis in exchange for the existing securities.
The new convertibles will be issued through SkyePharma (Jersey) Ltd. and guaranteed on a senior unsecured basis by SkyePharma. They will be convertible into redeemable preference shares of the issuer which will automatically and immediately exchange for ordinary shares of SkyePharma.
The conversion price is 100p, the maturity date May 4, 2024, and the convertibles are putable on May 4, 2009, May 4, 2011, May 4, 2014 and May 4, 2019. There is a provisional call from May 15, 2009 to May 3, 2011 at par plus accrued interest subject to a 130% trigger.
The exchange will run through the close of business on July 7.
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