Wyeth calls $22.66 million outstanding floating-rate convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 17 - Wyeth will redeem in full its $22,664,000 outstanding principal amount of floating-rate convertible senior debentures due 2024 on Sept. 15, according to a company news release.

Holders will receive par plus accrued interest up to but excluding the redemption date.

The debentures will remain convertible through the close of business on Sept. 14. The conversion ratio is 16.7356 shares of Wyeth common stock per debenture, which is equivalent to a conversion price of $59.75.

Wyeth stock closed at $47.24 (NYSE: WYE) on Monday.

Conversions can be settled in cash or in stock at the company's option, and Wyeth said it plans to settle all conversions in cash.

The redemption was requested by Pfizer Inc., which is acquiring Wyeth in a cash-and-stock deal that is expected to close at the end of the third quarter or during the fourth quarter.

Wyeth noted that holders who convert their debentures will not receive any amounts under the merger agreement.

Additional information about the redemption can be obtained from trustee Bank of New York Mellon (800 275-2048).

Wyeth is a pharmaceutical and health-care products company based in Madison, N.J.

Pfizer is a New York-based maker of prescription medicines for people and animals.

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