InterMune to exchange $85 million 5% convertibles for its 0.25% convertibles

By Susanna Moon

Chicago, June 10 - InterMune, Inc. agreed to issue $85 million of 5% convertible senior notes due 2015 in exchange for the same amount of its 0.25% convertible senior notes due 2011, according to an 8-K filing with the Securities and Exchange Commission.

The 5% notes are convertible into the company's common stock at a rate of 52.9661 shares per $1,000 principal amount of notes.

The 0.25% notes' conversion rate was 46.2283 shares per $1,000 principal amount of notes, or at a conversion price of $21.63.

The company said it expects to issue the notes not more than two business days following the date when all closing conditions have been satisfied or waived.

Deutsche Bank Securities Inc. is the financial adviser.

Brisbane, Calif.-based InterMune is a biotechnology company focused on treatments for pulmonary, infectious and hepatic diseases.

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