Teva extends convertibility of 0.25% convertibles to Thursday

By Angela McDaniels

Tacoma, Wash., July 20 - 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 Thursday from Tuesday.

The conversion ratio is 28.8529 American Depositary Receipts for each debenture, which is equivalent to a conversion price of $34.66.

The company's ADRs closed at $49.39 (Nasdaq: TEVA) on Monday.

The company issued a notice 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 value for that period.

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

A conversion period for the company's 0.5% series A convertible senior debentures due 2024 also began June 23. It was extended several times before expiring Monday.

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

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