Wyeth completes put of 97.1% of floating-rate convertible debentures

By Jennifer Chiou

New York, July 15 - Wyeth announced the wrap of the put option for its floating-rate convertible senior debentures due 2024, under which holders exercised their options for 97.1% of the securities.

The exercise right expired at 5 p.m. ET on July 14.

The company accepted for purchase all $765,139,000 of put back debentures at par.

The Bank of New York Mellon was the trustee and paying agent.

Because the Wednesday purchase date coincided with the July 15 regular interest payment date, there was no accrued interest payable on the debentures.

Wyeth is a Madison, N.J.-based pharmaceutical and health-care products company.

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