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Teva extends convertibility of 0.25% convertibles to Tuesday
By Angela McDaniels
Tacoma, Wash., July 16 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance II, LLC said the period of convertibility for its 0.25% series B convertible senior debentures due 2024 has been extended to the close of business on Tuesday from Monday.
The period of convertibility for the 0.5% series A convertible senior debentures due 2024 was not extended.
The conversion ratio is 28.8529 American Depositary Receipts for each series B debenture, which is equivalent to a conversion price of $34.66.
The company's ADRs closed at $49.57 (Nasdaq: TEVA) on Thursday.
The company issued notices of convertibility for both series of 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 multiple 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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