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Prospect News home > News index > List of issuers T > Headlines for Tenders 2007 > News item |
Sciele calls all 1.75% convertibles
By Jennifer Chiou
New York, May 15 - Sciele Pharma, Inc. announced the redemption of all of its $150 million of 1.75% contingent convertible senior subordinated notes due 2024.
The company said it will use proceeds from a completed offering of 2.625% contingent convertible senior notes due 2027.
As already reported, additional funds raised from the new deal will go to acquisitions or licenses of products and technologies and for capital expenditures and general corporate purposes.
Sciele said it expects to record an after-tax, non-cash expense in the second quarter of $3.6 million, or $0.10 per share, associated with the write-off of the capitalized financing costs related to the redemption.
The Atlanta-based pharmaceutical company announced plans for the redemption on May 8.
Deutsche Bank and Trust Co. Americas is the trustee, paying agent and conversion agent (908 608-3162).
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