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Biotech / Medical : InterMune (nasdaq)ITMN
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To: tuck who wrote (401)2/9/2004 9:10:09 PM
From: tuck  Read Replies (1) of 508
 
>>BRISBANE, Calif., Feb. 9 /PRNewswire-FirstCall/ -- InterMune, Inc. (Nasdaq: ITMN - News) today announced that it proposes to offer a new issue of $150 million principal amount of Convertible Senior Notes due 2011 through a Rule 144A private placement offering to qualified institutional buyers. These Notes would be convertible into InterMune common stock at a price to be determined. The company also intends to grant the initial purchasers of the Notes an option to purchase an additional $20 million principal amount of the Notes.

InterMune intends to use the net proceeds of the anticipated offering to purchase or redeem the Company's outstanding convertible notes. To the extent that it does not purchase or redeem all of these outstanding notes, InterMune intends to use the net proceeds of the anticipated offering for working capital and other general corporate purposes.<<

snip

Presumably they are getting better terms than those for the notes they are retiring. So why would ITMN take an after hours hit of 80 cents? Sheesh.

Cheers, Tuck
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