Vertex calls $32.1 million 4.75% convertibles for redemption at 102.85

By Angela McDaniels

Tacoma, Wash., Feb. 16 - Vertex Pharmaceuticals Inc. will redeem its $32.1 million outstanding principal amount of 4.75% convertible senior subordinated notes due 2013 on March 19, according to a company news release.

The redemption price is 102.85 plus accrued interest.

Because Vertex's common stock is trading above the conversion price, the company expects that holders will choose to convert rather than accept redemption. The notes are convertible until the close of business on March 18.

The conversion price is $23.14. Vertex's stock closed at $38.68 (Nasdaq: VRTX) on Tuesday.

U.S. Bank NA (800 934-6802) is the trustee, paying agent and conversion agent.

Vertex is a biotechnology company based in Cambridge, Mass.

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