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Non-Tech : Convertible Bonds -- Ignore unavailable to you. Want to Upgrade?

To: Rocky9 who wrote (40)	11/19/2002 10:39:55 AM
From: rkrw	Respond to of 83

A trend is starting, first alks, now ctic with exchange offers. Press Release Source: Cell Therapeutics, Inc. Cell Therapeutics, Inc. Announces Exchange Offer for Convertible Subordinated Notes Tuesday November 19, 9:28 am ET Exchange Would Retire Up to $72.1 Million of Debt SEATTLE, Nov. 19 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (CTI) (Nasdaq: CTIC - News) announced an exchange offer for its outstanding $175 million 5.75% Convertible Subordinated Notes ("Existing Notes") due 2008. In the exchange, CTI will exchange the Existing Notes for $102.9 million 5.75% Convertible Senior Subordinated Notes ("New Notes") due 2008. The proposed exchange ratio is 0.588 of a New Note for each Existing Note. The New Notes will be senior in right of payment to the Existing Notes, and subordinated to CTI's senior debt. The conversion price of the New Notes is $10 per share. Prior to June 21, 2004, the Company will be permitted to provisionally call the New Notes if CTI's common stock has traded above $15 for 20 trading days within a 30 consecutive trading day period. Except for the aggregate principal value, the conversion price, the subordination provision and the provisional call terms, the material terms of the Existing Notes and New Notes will be identical. ADVERTISEMENT The impact of the exchange to CTI would result in a reduction in the principal amount of its outstanding convertible debt by up to $72.1 million and a reduction in annual cash interest payments of up to $4.1 million, and up to $22.7 million in the aggregate during the remaining term. The Company will reserve 10,290,000 shares of its common stock for issuance upon conversion of the New Notes. The Company has previously reserved 5,147,065 shares for issuance under the Existing Notes; if the exchange offer is fully subscribed, up to 5,142,935 additional shares will be reserved. In the second and third quarter of 2002, the Company repurchased approximately 2.6 million shares of common stock through its stock repurchase program. There are currently approximately 32.7 million shares of the Company's common stock outstanding. CIBC World Markets is serving as the Dealer Manager for the exchange offer. About Cell Therapeutics, Inc.

To: Rocky9 who wrote (40)	11/29/2002 9:54:43 PM
From: Rocky9	Read Replies (2) \| Respond to of 83

Most prices are still going up. The Calpine has appreciated the most (due to increase of the common). The SFE and the TERN have been left behind and seem like the best values. The ICGE has not gone up with the common, and, if I understood shorting against a long bond better, I would be very interested in shorting the ICGE common (up over .70 now - from .18) since I think that it should have no value. PMCS no longer interests me since it seems to be more fairly priced. The ANAD seems like a good buy, since the bonds will probably be good, but I don't like the common, so it would be a candidate for a short against the bond if I was comfortable with it. ANAD - 52.125 24.14% (54.50 22.97%) [55.625 22.41%] <59.125 20.63%> CPN - 36.375 60.17% (36.75 59.96%) [43.50 50.72%] <53.50 39.05%> ICGE - 35.0 65.94% (35.00 66.52%) [35.00 68.27%] <36.00 67.57%> PMCS - 64.25 16.83% (66.75 15.71%) [71.875 13.58%] <75.75 12.07%> RFMD - 78.0 13.52% (78.75 13.29%) [84.50 10.49%] <87.625 9.09%> SFE - 57.75 22.6% (58.50 22.27%) [60.50 21.37%] <61.625 20.90%> SEPR '07 - 49 24.97% (52.25 23.31%) [55.00 21.79%] <59.75 19.45%> SEPR '06 - 54.375 23.93% (56.75 22.63%) [60.60 21.07%] <63.00 19.62%> SEPR '05 - 76.125 17.13% (81.87 14.40%) [81.375 14.76%] <82.875 14.12%> TERN - 60.0 17.77% (60.87 17.44%) [60.125 17.90%] <60.50 17.62> TQNT - 77.125 10.70% (77.50 10.60%) [78.50 10.34%] <78.625 10.35%> VTSS - 72.0 19.20% (73.00 18.56%) [79.00 15.05%] <80.50 14.31%> Others: AFFX - 82.625 9.86% <83.00 9.78%> MLNM - 78.125 12.39% <79.50 11.93%> JNPR - 74.25 12.67% <76.375 11.96%> VPHN - 38.125 34.81% <41.00 32.61%> VRTX - 74.00 12.29% <76.125 11.63%>