Gilead calls all $345 million of 2% convertibles

Pittsburgh, Oct. 6 - Gilead Sciences Inc. will redeem all $345 million of its outstanding 2% convertible subordinated notes due Dec. 15, 2007 at par plus accrued interest and a make-whole payment of $60 per $1,000 principal value of notes, according to a company news release.

The redemption date is Nov. 20. The redemption is provisional based on the market price of Gilead common stock, the release said.

Holders can convert their notes until the close on Nov. 18 into shares of Gilead common stock at a price of $23.50 per share, or 42.55 shares per $1,000 principal amount of notes.

Gilead stock closed at $38.34 per share Tuesday.

Gilead is a Foster City, Calif., biopharmaceutical company.

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