MGI Pharma gets tenders for $67.9 million Guilford convertibles

By Jennifer Chiou

New York, Nov. 29 - MGI Pharma, Inc. announced it received tenders for $67.9 million of the 5% convertible subordinated notes due July 1, 2008 originally issued by Guilford Pharmaceuticals Inc.

The offer expired at 5 p.m. ET on Nov. 28.

The company noted $1.5 million of convertibles remains outstanding.

The company made the tender offer with wholly owned subsidiary MGI GP, Inc., formerly known as Guilford Pharmaceuticals.

The tender offer, which was launched on Oct. 20, was required under the terms of the note indenture due to MGI Pharma's acquisition of Guilford Pharmaceuticals on Oct. 3.

MGI Pharma will pay $1,020.56 per $1,000 principal amount of convertibles, which is par plus accrued interest through Nov. 28.

The tender offer was not contingent on any financing.

Each $1,000 principal amount of the notes is currently convertible, at the option of the holder, into 17.6772 shares of MGI Pharma stock and $180.28 in cash.

Morrow & Co., Inc. is the information agent (800 607-0088 or tender.info@morrowco.com).

MGI Pharma is a Bloomington, Minn., oncology and acute care focused biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.