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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer
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To: Icebrg who wrote (1472)2/26/2004 7:16:19 AM
From: Icebrg  Read Replies (2) of 1826
 
MGI PHARMA Prices Private Placement of Convertible Notes
Thursday February 26, 7:00 am ET

[Attractive terms. Now, let's just hope that they will be using the funds in a sensible way].

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 26, 2004--MGI PHARMA, INC. (Nasdaq:MOGN - News) today announced the pricing of its offering of senior subordinated convertible notes due 2024 for gross proceeds of $225 million through an offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The issuance of notes is expected to close March 2, 2004.

The notes will be convertible, under certain circumstances, into MGI PHARMA common stock at a conversion rate of 11.8821 shares per note (or an initial conversion price of approximately $62.92 per share), subject to adjustment on the occurrence of certain events. The initial conversion price represents a 30 percent premium over the closing bid of MGI PHARMA common stock on February 25, 2004, which was $48.40 per share. The notes will bear cash interest at a rate of 2.25 percent per annum until March 2, 2011.

The company has granted the initial purchasers a 30-day option to purchase up to $35 million gross proceeds of additional notes.
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