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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: Icebrg who wrote (3516)6/16/2003 8:14:34 PM
From: scaram(o)ucheRead Replies (1) of 4974
 
priced......

ICOS Prices Private Offering of 2.0% Convertible Subordinated Notes Due 2023
Monday June 16, 7:40 pm ET

BOTHELL, Wash.--(BUSINESS WIRE)--June 16, 2003--ICOS Corporation (Nasdaq:ICOS - News) announced today the private placement of $250 million aggregate principal amount of 2.0 percent Convertible Subordinated Notes due 2023 through an offering to qualified institutional buyers pursuant to Rule 144A and to non-U.S. purchasers pursuant to Regulation S, under the Securities Act of 1933, as amended. The private placement is expected to close on June 20, 2003, subject to customary closing conditions.
The notes will be convertible at the option of the holder into ICOS common stock at a conversion price of $61.50 per share, subject to adjustment in certain circumstances. The initial conversion price represents a 43.4 percent premium over the closing bid price of ICOS common stock on June 16, 2003, which was $42.88 per share. The notes will be subordinate to senior indebtedness of ICOS. ICOS has also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50 million in principal amount of the notes.

ICOS intends to use the net proceeds of the offering for the anticipated U.S. commercial launch of Cialis®, research and development activities, working capital and other general corporate purposes.

(snip)

(lotsa money rolling out of cupboards)
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