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Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM)
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From: Icebrg11/10/2006 5:42:45 AM
   of 3044
 
Millennium Prices $225.0 Million in Convertible Senior Notes
Thursday November 9, 8:02 pm ET

[No problems evidently finding takers for the new convertibles. The rate of interest is attractive as we seem to move towards a financial landscape with higher rates of interest. But I always feel uncomfortable with converts. They have a habit of coming back to bite you. Especially for cash-flow weak companies. Let's hope they use these funds as if they were their last].

CAMBRIDGE, Mass., Nov. 9 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced it has priced $225.0 million aggregate principal amount of 2.25% Convertible Senior Notes due November 15, 2011 pursuant to a registration statement filed with the Securities and Exchange Commission. In addition, Millennium has granted the underwriters an option to purchase up to an additional $25.0 million aggregate principal amount of Notes, solely to cover over-allotments.

The Notes will be convertible based on an initial conversion rate of 64.6465 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $15.47 per share of common stock. The Notes will bear interest at a rate of 2.25% per year. The offering is expected to close on November 15, 2006, subject to the satisfaction of customary closing conditions. Millennium expects to use the net proceeds from the offering primarily for potential license arrangements and acquisitions, and any balance for general corporate purposes.
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