CV Therapeutics Announces Proposed Private Offering of Senior Subordinated Convertible Notes
Tuesday May 11, 4:04 pm ET
PALO ALTO, Calif., May 11 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX - News) announced today that it intends to offer, subject to market and other conditions, $100 million aggregate principal amount of senior subordinated convertible notes. The Company also expects to grant to the initial purchasers of the notes a 30-day option to purchase up to an additional $25 million of the notes.
The Company intends to use a portion of the net proceeds from the offering to repurchase a portion of its outstanding convertible debt, including subordinated debt. The Company will use a portion of the net proceeds of the offering to fund an escrow account to provide security for the first six scheduled interest payments on the notes. The Company intends to use the remaining net proceeds of the offering for general corporate purposes, which may include funding research, development and product manufacturing, preclinical and clinical trials, preparation and filing of new drug applications, product commercialization, increasing its working capital and capital expenditures.
The notes have not been registered under the Securities Act of 1933, as amended, or any applicable state securities laws, and will be offered only to qualified institutional buyers in reliance on Rule 144A. Unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the ... |
