Human Genome buys back $177.5 million in convertible notes

By E. Janene Geiss

Philadelphia, Oct. 25 - Human Genome Sciences, Inc. said it has repurchased $177.5 million principal amount of its 3¾% convertible subordinated notes due 2007 and 5% convertible subordinated notes due 2007 through Oct. 19.

The buybacks were funded from the company's sale of $230 million of 2¼% convertible subordinated notes due 2012 that closed Aug. 9, company officials said in a news release reporting the company's third-quarter financial results.

The 2¼% notes are convertible into Human Genome Sciences common stock at a price of $17.78 a share.

The Rockville, Md.-based biotechnology said at the time of the placement that it intended to use all of the net proceeds from the offering to repurchase, from time to time, the company's 5% convertible subordinated notes due 2007 and 3¾% convertible subordinated notes due 2007.

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