IVAX buys $50.499 million of tendered 4.5% convertibles

By Jennifer Chiou

New York, Jan. 9 - IVAX announced it accepted tenders from holders of $50.499 million or 17.8% of its 4.5% convertible senior subordinated notes due 2008.

The tender offer expired at 5 p.m. ET on Dec. 23.

As previously announced, the notes' indenture required IVAX to make the offer as a result of its merger with a subsidiary of Teva Pharmaceutical Industries Ltd.

The purchase price was par plus accrued interest of $6.50 per $1,000 principal amount up to but excluding Jan. 7.

Following consummation of the Teva subsidiary merger, convertibles not tendered will no longer be convertible into IVAX stock. Instead, each $1,000 principal amount will be convertible 50% into cash and 50% into Teva American Depositary Receipts.

Noteholders may obtain the notice of change in control and offer to purchase through the paying agent, U.S. Bank NA (800 934-6802).

IVAX, a Miami-based pharmaceutical company that develops branded and generic pharmaceuticals and veterinary products, launched the tender on Nov. 23.

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