King Pharmaceuticals to repurchase, redeem 2.75% convertible debentures

By Jennifer Chiou

New York, March 22 - King Pharmaceuticals, Inc. said it intends to use proceeds from a new convertibles issue to fund repurchases or redemptions of its $345 million of 2.75% convertible debentures due Nov. 15, 2021.

The Bristol, Tenn., pharmaceutical company said it is offering $400 million of convertible senior notes due 2026 with an over-allotment option to purchase up to an additional $60 million of the securities.

Proceeds will also go towards general corporate purposes.

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