Press Release
Source: Sepracor Inc.
Sepracor Announces Extension to Over-Allotment Period for Zero Coupon Convertible Subordinated Note Offerings
Thursday January 8, 7:01 am ET
MARLBOROUGH, Mass., Jan. 8 /PRNewswire-FirstCall/ -- Sepracor Inc. (Nasdaq: SEPR - News) today announced that it has extended until February 6, 2004 the date by which the initial purchasers of Sepracor's 0% Convertible Subordinated Notes (the "0% Notes") must exercise their option to purchase additional 0% Notes from Sepracor.
On December 15, 2003, Sepracor announced that it had sold in a private placement $200 million principal amount of 0% Series A Convertible Subordinated Notes due 2008 (the "Series A Notes") and $400 million principal amount of 0% Series B Convertible Subordinated Notes due 2010 (the "Series B Notes"). In connection with such sale, Sepracor granted the initial purchasers an option to purchase, on or before January 7, 2004, up to an additional $50 million principal amount of Series A Notes and/or up to $100 million principal amount of Series B Notes. Sepracor and the initial purchasers have agreed to extend the option exercise date until February 6, 2004.
The Series A and Series B Notes are general unsecured obligations, subordinated in right of payment to all of Sepracor's existing and future senior indebtedness. However, they are senior to Sepracor's 5.75% Convertible Subordinated Notes due 2006 and its 5% Convertible Subordinated Debentures due 2007.
The 0% Notes were offered only to qualified institutional buyers in reliance on Rule 144A of the Securities Act of 1933. The 0% Notes have not been registered under the Securities Act or any state securities laws, and, unless registered, may not be sold in the United States except pursuant to an exemption from registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. |
