Rocky,
What do you think of alks exchange offer? alks bonds are selling for about 55. Prior conversion price was virtually unattainable of course.
Press Release Source: Alkermes, Inc.
Alkermes, Inc. Announces the Filing of a Registration Statement for a Proposed Exchange Offer With the Holders of Its 3.75% Convertible Subordinated Notes Due 2007
Thursday November 7, 7:31 am ET
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 7, 2002--Alkermes, Inc. (NASDAQ: ALKS - News) announced today that it has filed registration statements with the Securities and Exchange Commission relating to a proposed exchange offer involving holders of its currently outstanding 3.75% Convertible Subordinated Notes due 2007. In the proposed exchange offer, Alkermes will offer up to $115 million aggregate principal amount of its new 6.52% Convertible Senior Subordinated Notes due 2009 for up to an aggregate principal amount of $200 million of its currently outstanding 3.75% notes, and will offer in a corresponding cash offer, to the holders of its existing notes that participate in the exchange offer, the right to purchase for cash up to an additional $50 million of its new notes.
The consummation of the exchange offer and the cash offer, if consummated, will allow the Company to reduce its outstanding indebtedness.
New conversion price:
CONVERSION PRICE.......The new notes will be convertible into our common stock at any time prior to maturity at a conversion price equal to a 17 1/2% premium over the daily volume-weighted average closing price of our common stock for the five trading days immediately preceding the second trading day prior to the expiration date of the exchange offer, subject to adjustment upon certain events. |
