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

To: Rocky9 who wrote (6928)	6/3/2003 10:05:46 AM
From: Harold Engstrom	Read Replies (1) \| Respond to of 10280

Thank you rkrw, Erik and Rocky. The debt is apparently more attractive to the market than it was a few months ago. Still seems like a good bet. Does anyone have a problem with Sepracor retiring the '05 debt now?

To: Rocky9 who wrote (6928)	6/3/2003 11:44:00 AM
From: Rocky9	Read Replies (1) \| Respond to of 10280

The prices of all three bonds are up today according to convertbond.com. The current prices are after last Friday's prices. SEPR '07 - (85.875 9.63%), now 90.481 SEPR '06 - (91.00 8.83%), now 93.578 SEPR '05 - (98.125 7.83%), now 103.25 I stand by my position on the financing by equity. If the choice is between a new convertible at 4% for $500M with a conversion price of 25 (20M shares), or issuing 25M shares at 20, I would much prefer issuing the shares. The extra 5M shares would be a small cost for the security of removing $500M of debt from the balance sheet. The convertibles issued in 02/98 were convertible at $23.625 and ended up being converted. The other three issues would have been better as equity offerings. JMO.