Amylin Pharmaceuticals holders convert all 2.25% notes ahead of redemption

By Laura Lutz

Des Moines, Aug. 24 - Amylin Pharmaceuticals, Inc. announced that holders of all $175 million of its 2.25% convertible senior notes due 2008 chose to convert their notes ahead of the company's previously announced redemption on Aug. 14.

Noteholders received Amylin stock at a rate of 30.7266 shares per $1,000 principal amount of notes. In total, 5,377,148 shares were issued as a result.

Holders of converted notes also received a make-whole payment of $112.94 per $1,000 principal amount minus paid interest. The company chose to issue the payment in shares of common stock. A total of 180,000 shares were issued for the payment.

Amylin also paid $550 in cash in lieu of fractional shares.

The company announced the redemption on July 25. Holders who did not convert their notes would have received par plus accrued interest and the same make-whole payment in the redemption.

Amylin is a San Diego-based biopharmaceutical company focused on metabolic therapies for diabetes, obesity and cardiovascular disease.

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