Teva extends convertibility of 0.5%, 0.25% convertibles to Tuesday

By Angela McDaniels

Tacoma, Wash., June 24 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance II, LLC said the period of convertibility for its 0.5% series A convertible senior debentures due 2024 and 0.25% series B convertible senior debentures due 2024 has been extended to the close of business on June 30 from June 26.

The conversion ratio is 26.8391 American Depositary Receipts for each series A debenture and 28.8529 ADRs for each series B debenture.

The conversion ratios are equivalent to a conversion price of $37.26 for the series A debentures and $34.66 for the series B debentures.

The company's ADRs closed at $47.38 (Nasdaq: TEVA) on Wednesday.

The company issued notices of convertibility for the debentures on June 18. The conversion rights were triggered by the debentures trading at an average price over 10 trading days that was less than 98% of the average of the conversion values for that period.

The conversion period was originally set to end June 23 and has been extended three times.

Teva makes generic and human pharmaceuticals as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.

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