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Biotech / Medical : MEDX ... anybody following?
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To: Icebrg who wrote (811)4/28/2004 9:37:45 AM
From: Icebrg  Read Replies (1) of 2240
 
Medarex Announces Pricing of $150 Million of 2.25% Convertible Senior Note Offering to Refinance 4.50% Convertible Subordinated Notes Due 2006
Wednesday April 28, 7:34 am ET

PRINCETON, N.J., April 28 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) announced today that it agreed to privately place $150 million aggregate principal amount of 2.25% Convertible Senior Notes ("Notes") due 2011 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The placement of the Notes is expected to close on May 3, 2004, subject to customary closing conditions.

The Notes will bear interest at 2.25% per annum and will be initially convertible at the option of the holder into shares of Medarex Common Stock at the rate of 72.9129 shares per each $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $13.72 per share, subject to anti-dilution adjustments. The initial conversion price represents a 30% premium over the closing sale price on NASDAQ of Medarex Common Stock on April 27, 2004, which was $10.55 per share. Medarex has also granted the initial purchasers of the Notes an option to purchase up to an additional $50 million in aggregate principal amount of the Notes.

Medarex intends to use the net proceeds from the offering to purchase or redeem all or a portion of Medarex's outstanding 4.50% Convertible Subordinated Notes due 2006 and any excess for general corporate purposes.
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