Enzon to retire 4.5% convertibles

By Susanna Moon

Chicago, Aug. 20 - Enzon Pharmaceuticals, Inc. plans to redeem its outstanding 4.5% convertible notes due 2008, according to a press release.

The outstanding amount of the convertibles is $81.9 million. The company said it has reduced the amount of the outstanding convertibles through a series of buybacks at a discount to par.

The redemption will be funded through the sale of a quarter-stake in the company's royalty in Peg-Intron, marketed by Schering-Plough Corp., for $92.5 million.

Enzon is a biopharmaceutical company based in Bridgewater, N.J.

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