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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (6926)	6/3/2003 4:53:32 PM
From: Icebrg	Respond to of 10280

Sepracor rtgs unaffected by debt redemption-S&P Tuesday June 3, 4:47 pm ET (The following statement was released by the rating agency) NEW YORK, June 3 - Standard & Poor's Ratings Services said today that the ratings and outlook on the emerging specialty pharmaceutical company Sepracor Inc. (NasdaqNM:SEPR - News; B/Stable/--) would not be affected by the company's announcement that it will redeem its 7% convertible debt for cash or stock at the option of the noteholder. Sepracor had cash and investments of $532 million on March 31, 2003. Assuming a full conversion of the $112 million of debt for cash, the company would have more than $400 million of cash left, taking into account the conversion premium. Still, Sepracor continues to consume cash and has about $870 million of additional convertible debt due between 2006 and 2007. Continued growth in cash flows from the company's asthma treatment Xopenex and a successful FDA approval and launch of the company's insomnia treatment Estorra are essential to the current ratings and outlook.