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Cephalon announces tender offer for 2½% convertible subordinated notes due 2006
By Jennifer Chiou
New York, June 10 - Cephalon, Inc. announced Friday a cash tender offer for all outstanding 2½% convertible subordinated notes due December 2006.
The company is offering $975 per $1,000 principal amount plus accrued interest up to but excluding the payment date.
The offer will expire at 5 p.m. ET on July 11, unless extended.
The company will partially fund the offer with proceeds from a recent sale of 2% senior subordinated convertible notes due 2015 in its aim to reduce outstanding debt and interest expense.
Deutsche Bank Securities Inc. will act as dealer manager. U.S. Bank NA is depositary and Morrow & Co., Inc is information agent (800 607-0088).
Frazer, Pa.-based Cephalon develops and markets products that treat neurological problems.
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