Gilead Sciences says holders converted all $345 million notes ahead of redemption

By Caroline Salls

Pittsburgh, Nov. 22 - Gilead Sciences Inc. said holders of substantially all of its $345 million outstanding 2% convertible senior notes due 2007 converted their notes into 14.67 million shares of the company's common stock prior to the Nov. 20 redemption date.

In connection with the redemption, Gilead paid $10.5 million in cash, including $90,000 for unconverted notes, $10.41 million for the interest and make-whole payment and $2,438.55 in cash paid in lieu of fractional shares.

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

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