King Pharmaceuticals buys back $165 million of convertibles

By Elaine Rigoli

Tampa, Fla., March 30 - King Pharmaceuticals, Inc. repurchased $165 million of its outstanding 2¾% convertible debentures due 2021 on Wednesday, together with accrued interest.

The company now has $180 million of the convertibles outstanding, according to an 8-K report filed with the Securities and Exchange Commission.

King, located in Bristol, Tenn., is a pharmaceutical company that develops therapies and technologies primarily in cardiovascular/metabolics, neuroscience and acute-care settings.

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