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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (3495)6/5/2003 5:15:23 PM
From: nigel batesRead Replies (1) | Respond to of 4974
 
The notes will be subordinate to existing and future senior indebtedness of Cephalon.

???

Very nice for CEPH if they can sell it, but what kind of idiot would be buying this stuff ?



To: Icebrg who wrote (3495)6/5/2003 8:20:49 PM
From: BiomavenRead Replies (1) | Respond to of 4974
 
Note that this is not (necessarily) a zero/zero deal as discussed elsewhere. The bond might well be sold at less than par - that would be typical of a zero coupon non-convertible bond.

In other words investors buy the bond at say 90 and get it redeemed at 100 - the interest is essentially paid at the end, although the imputed interest is taxable each year to the holder.

We'll need to wait to see the actual terms.

Peter


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