Actelion calls zero-coupon convertibles

By Angela McDaniels

Seattle, Jan. 18 - Actelion Ltd. will redeem its zero-coupon senior unsecured convertible bonds due 2008 on Feb. 19, according to a company news release.

Bondholders will receive 116.7896% of par, or CHF 5,839.48 per CHF 5,000 principal amount of bonds.

Actelion Finance SCA, Luxembourg originally issued CHF 143.75 million of the bonds, and CHF 143.74 million remain outstanding.

The bonds are convertible into 32.59452 shares per CHF 5,000 principal amount of bonds until 10 a.m. ET on Feb. 12. Actelion's shares closed at CHF 278.00 (Swiss: ATLN) on Thursday.

Roughly 937,000 new shares would be issued if all of the outstanding bonds were converted, according to the release.

To limit the dilutive effect of the expected conversions, the company said it plans to repurchase up to CHF 48 million of shares or to buy back some of the outstanding bonds through April.

Actelion is a biopharmaceutical company with headquarters in Allschwil/Basel, Switzerland.

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