Scios to redeem all $150 million 5.5% convertible debentures

By Jennifer Chiou

New York, July 19 - Scios Inc. announced the Aug. 19 redemption of all its outstanding $150 million original principal amount of 5.5% convertible subordinated debentures due 2009 at 103.143% of par.

The biotechnology firm will also pay accrued interest up to but not including the redemption date.

Before the close of business on Aug. 18, holders may convert their debentures into $1,145.05 in cash for each $1,000 principal amount, without interest.

Investors who convert their holdings from Aug. 2 - the day following the record date for the next interest payment - to Aug. 14 must also submit a payment equal to the interest payable on Aug. 15.

Wells Fargo Bank NA is the trustee.

The Fremont, Calif., subsidiary of Johnson & Johnson focuses on heart conditions and inflammatory diseases. Its lead product is Natrecor, a hormone that helps open arteries and veins in congestive heart failure patients.

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