Sepracor begins tender offer for 0% convertibles due 2024

By Angela McDaniels

Tacoma, Wash., Feb. 17 - Sepracor Inc. has begun a tender offer to purchase its 0% convertible senior subordinated notes due 2024, according to a company news release.

Sepracor is offering $970 for each $1,000 principal amount of convertibles.

The tender offer will expire at midnight ET on March 16.

Sepracor originally issued $500 million of the convertibles, and $382.45 million principal amount remains outstanding.

The company said the tender offer is subject to some conditions but is not contingent on any minimum number of notes being tendered.

Morgan Stanley & Co. Inc. (866 818-4954) and Deutsche Bank Securities Inc. (212 250-5600) are the dealer managers. Global Bondholders Services Corp. (866 857-2200 or 212 430-3774) is the depositary.

Sepracor is a Marlborough, Mass.-based pharmaceutical company.

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