Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Millennium Pharmaceuticals, Inc. (MLNM) -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (1496)	4/29/2003 4:13:43 PM
From: tuck	Read Replies (1) \| Respond to of 3044

>>CAMBRIDGE, Mass., April 29 /PRNewswire-FirstCall/ -- Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) today announced that it has completed the cash offers to the holders of its outstanding 4.50% Convertible Senior Notes due June 15, 2006 and 5.00% Convertible Subordinated Notes due March 1, 2007. As of the expiration of the cash offers, today at 9:00 a.m., $294,100,000 in principal amount of the 4.50% notes and $283,724,000 in principal amount of the 5.00% notes were tendered. Millennium has accepted for payment all of those notes, resulting in total payments in the amount of approximately $637 million, which includes accrued interest of $7 million and a $52 million premium payment which the Company had previously recorded as a charge in the second quarter of 2002. In addition, the Company will record a net $10 million charge in the second quarter of 2003 which includes $12 million related to unamortized debt issuance costs due to this portion of the debt being paid off before the notes are due, and $2 million of income related to the premium on the untendered notes. The untendered $22,126,000 -- $5,890,000 in 4.50% notes and $16,246,000 in 5.00 % notes -- will remain as obligations of the Company and due June 15, 2006 and March 1, 2007 respectively. Millennium assumed the 4.50% and the 5.00% notes in connection with its merger with COR Therapeutics, Inc. on February 12, 2002. On March 14, 2002, Millennium, as required by the terms of the notes, commenced cash repurchase offers to the noteholders in amounts equal to 100% of the principal amounts of the notes plus interest accrued and unpaid through April 28, 2002. On April 22, 2002, Millennium amended the notes to permit noteholders to exchange these notes for cash on April 29, 2003 at a price of $1,095 per $1,000 of principal amount of the 4.50% notes and $1,085 per $1,000 of principal amount of the 5.00% notes. On March 31, 2003 Millennium, as required by the terms of the notes, commenced cash offers to purchase the notes today.<< snip Cheers, Tuck