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OSI holders convert all $160 million of 4% notes to 3.2 million shares
Pittsburgh, July 19 - OSI Pharmaceuticals Inc. said all holders of its $160 million of 4% convertible senior subordinated notes due February 2009 chose to convert their notes into 3.2 million shares of the company's stock by Monday's redemption date, according to a company news release.
In accordance with the indenture, OSI will pay cash "make-whole" payments to the holders of notes surrendered for conversion of about $6.4 million, including the outstanding interest on the notes.
After the conversion, OSI will have about 43.2 million shares of stock outstanding.
OSI is a Melville, N.Y., biotechnology company.
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