Vertex Pharmaceuticals 5.75% convertible holders convert ahead of redemption

By Angela McDaniels

Seattle, March 5 - Vertex Pharmaceuticals Inc. said that holders of all of its outstanding 5.75% convertible senior subordinated notes due 2011 converted their notes ahead of redemption, which was planned for Monday.

Vertex called the notes on Feb. 2. There were $59.6 million principal amount of the notes outstanding.

The notes were converted into common stock at a rate of $14.94 per share, or 66.9344 shares per $1,000 principal amount of notes. The company's stock (Nasdaq: VRTX) closed at $28.87 on Monday.

As a result of the conversions, the Cambridge, Mass.-based biotechnology company said it issued 4 million shares of common stock and increased its total shares outstanding to about 131 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.