Cephalon exchanges $337 million of zero-coupon convertible notes

By Laura Lutz

Washington, Dec. 18 - Cephalon, Inc. announced that it exchanged for common stock and cash about $161.6 million of its zero-coupon convertible subordinated notes first putable June 2008 and $175.4 million of its zero-coupon convertible subordinated notes first putable June 2010.

In total, the company issued $101.6 million in cash and 4.3 million common shares for the notes, including shares that the company received as a result of canceling the portion of the convertible note hedge and warrant agreements associated with the notes.

Cephalon is a biopharmaceutical company with headquarters in Frazer, Pa.

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