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Prospect News home > News index > List of issuers T > Headlines for Tenders 2005 > News item |
IVAX exchanges 99.75% of 1.5% convertibles
New York, Feb. 23 - IVAX Corp. said it completed its offer to exchange up to $400 million principal amount of new notes with a net share settlement mechanism for its currently outstanding 1.5% convertible senior notes due 2024. By the expiration holders had tendered $399 million of the old notes or 99.75%.
The exchange ended at midnight ET on Feb. 22 after being extended on Feb. 14 from midnight ET on Feb. 16.
As announced on Jan. 20, holders who exchange their old notes will receive new notes with the net share settlement feature and otherwise substantially similar terms to the old notes plus an exchange fee of $2.50 per $1,000 principal amount.
There is no minimum tender condition, although there are other conditions.
MacKenzie Partners Inc. is the information agent (call collect 212 929-5000 or 800 322-2885).
IVAX is a Miami-based pharmaceutical company.
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