Cubist Pharmaceuticals to redeem 5.5% convertibles due 2008

By Jennifer Chiou

New York, June 8 - Cubist Pharmaceuticals, Inc. announced the redemption of its $165 million of 5.5% convertible subordinates notes due 2008.

The company will redeem the notes at $1,032.28 per $1,000 principal amount on June 28.

Holders may convert their notes into stock at a conversion price of $47.20 per share until the close of business on June 27. The company's stock closed down $0.63, or 2.70%, at $22.71 on Thursday.

At that conversion price, each $1,000 principal amount of notes is convertible into 21.1864 shares.

The Bank of New York is the trustee (800 254-2826).

Lexington, Mass.-based Cubist Pharmaceuticals develops anti-infective products, including Cubicin, an injection and the first antibiotic in a new class of anti-infectives called lipopeptides.

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