Millennium Pharmaceuticals says $577.8 million convertibles tendered

New York, April 29 - Millennium Pharmaceuticals, Inc. said a total of $577.8 million of its convertibles were tendered in its recent offer.

By the expiration of 9.00 a.m. ET on April 29, holders had tendered $294.1 million of Millennium's 4.5% convertible senior notes due 2006 and $283.724 million of its 5% convertible subordinated notes due 2007.

That leaves $5.89 million of the 4.5% notes and $16.246 million of the 5% notes outstanding.

The Cambridge, Mass. biopharmaceutical company will pay a total of $637 million including $7 million of accrued interest and a $52 million premium payment. The price is $1,095 per $1,000 principal amount for the 4.5% notes and $1,085 per $1,000 principal amount for the 5% notes.

Millennium assumed the convertibles through its merger with COR Therapeutics, Inc. on Feb. 12, 2002.

Corrections Corp. extends tender

New York, April 29 - Corrections Corp. of America extended the tender offer for its series B cumulative convertible preferred stock to midnight ET on May 13 from midnight ET on April 29.

The Nashville private prison operator said the extension is to comply with regulatory requirements that the offer remain open for a period of time after the expected date of fulfillment of certain conditions to the tender offer.

As of April 29, 3,174,391 shares of the convertibles had been tendered, the company said.

Corrections Corp. is offering to buy for cash up to 4,204,947 shares or 90% of the outstanding 4,672,163 shares of its series B cumulative convertible preferred stock.

The offer price is $26.00 per share.

Priority in purchases will be given to odd lots submitted by owners of less than 100 shares.

Conditions include the receipt of financing on acceptable terms and conditions.

Brokers and dealers that tender shares are eligible for solicitation fees of $0.25 per tendered share up to 10,000 shares.

The dealer manager is Lehman Brothers Inc. (contact Darrell Chiang at 800 438-3242 or 212 528-7581). The information agent is D. F. King & Co., Inc. (888 605-1956 or 212 269-5550).

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