Teva says almost all 1.5% convertibles exchanged for stock

New York, Oct. 15 - Teva Pharmaceutical Industries Ltd. said "virtually all" of its $550 million of 1.5% convertible debentures due 2005 have been converted to stock following the company's exercise of its call option.

The Jerusalem, Israel pharmaceutical company said 12.8 million ADRs were issued to holders of the convertibles.

Teva announced on Sept. 25 the redemption of its 1.5% convertibles on Oct. 15.

The company said the securities would be redeemed at $1,003.75 per $1,000 principal amount of the securities plus $7.50 per $1,000 of accrued interest up to but excluding the redemption date.

Up to 5.00 p.m. ET on Oct. 10, holders could convert their securities into Teva's ADRs at the rate of 23.1934 shares per $1,000 principal amount, equivalent to a price of $43.1157 per share. Teva stock closed at $58.68 Wednesday.

"As we expected, the debenture holders preferred the conversion to Teva shares over the redemption for cash, and we appreciate the vote of confidence in Teva" said Dan Suesskind, chief financial officer, in a news release.

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