Enzon launches cash tender offer for its 4% convertible notes due 2013

By Susanna Moon

Chicago, Feb. 5 - Enzon Pharmaceuticals, Inc. began an offer to purchase for cash its outstanding 4% convertible senior notes due 2013, according to an 8-K filing with the Securities and Exchange Commission.

The company is offering par plus accrued interest.

The offer will expire at midnight ET on March 5.

The company said the offer is being made in compliance with a fundamental change covenant contained in the notes indenture and in connection with the sale of its specialty pharmaceutical business on Jan. 29.

Enzon said on Jan. 29 that it planned to repurchase its 4% convertibles with proceeds from the sale of its specialty pharmaceutical business to the sigma-tau Group, which yielded proceeds of $300 million in cash.

Enzon is a Bridgewater, N.J.-based biopharmaceutical company.

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