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Biotech / Medical : CVTX - CV Therapeutics, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (82)	6/16/2003 2:33:18 AM
From: mopgcw	Read Replies (1) \| Respond to of 411

CV Thera To Go Ahead With $100M Private Offering DOW JONES NEWSWIRES PALO ALTO, Calif. -- CV Therapeutics Inc. (CVTX) will proceed with a private placement of $100 million of its 2.00% senior subordinated convertible debentures due 2023 to qualified institutional buyers and in offshore transactions. In a news release, CV Therapeutics said it has also granted to the initial purchasers of the debentures a 30-day option to purchase up to an additional $25 million of the debentures. The company said it may redeem all or a portion of the debentures at any time after May 16, 2006. In addition, holders of the debentures have the right to require the company to purchase all or a portion of their debentures on May 16, 2010, May 16, 2013 and May 16, 2018, it noted. The debentures will be convertible by holders only during certain time periods and under certain circumstances into shares of CV Therapeutics' at an initial conversion rate of 21.0172 shares of common stock per $1,000 principal amount of debentures (subject to adjustment in certain circumstances), which represents an initial conversion price of $47.58 per share based on the issue price of the debentures, the company said. CV Therapeutics said it 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 debentures. The company said it intends to use the remaining net proceeds of the offering for general corporate purposes. The transaction is expected to close on or about June 18. CV Therapeutics is a biopharmaceutical company focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. Company Web Site: cvt.com