Amylin Pharmaceuticals to call 2.25% convertibles due 2008

By Jennifer Chiou

New York, July 24 - Amylin Pharmaceuticals, Inc. announced the Aug. 24 redemption of its $175 million of 2.25% convertible senior notes due June 30, 2008.

The San Diego biopharmaceutical company said it will call the notes on July 25 as a provisional redemption based on the market price of Amylin stock exceeding set thresholds.

The company said it will redeem the notes at par plus accrued interest and a make-whole payment of $112.94 per $1,000 principal amount of notes minus paid interest.

Noteholders may elect to convert their securities into Amylin stock at a rate of 30.7266 shares per $1,000 principal amount of notes or about $32.55 per share before 5 p.m. ET on Aug. 23. The company's stock closed up $0.73, or 1.6%, on Monday at $46.44.

On the redemption date, holders who have converted their notes will be entitled to receive the same make-whole payment of $112.94 per $1,000 principal amount less interest actually paid.

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