Gilead Palo Alto tenders for any and all of $292.22 million 2.75%, 3.25%, 2% convertibles

By Jennifer Chiou

New York, May 12 - Gilead Palo Alto, Inc. (formerly CV Therapeutics, Inc.) announced the start of an offer to purchase for cash up to all of its $292.22 million of 2.75% senior subordinated convertible notes due 2012, 3.25% senior subordinated convertible notes due 2013 and 2% senior subordinated convertible debentures due 2023.

The company will pay par plus accrued interest for the notes.

The offer ends at 5 p.m. ET on June 11, and settlement is slated for June 26.

Gilead Palo Alto, a wholly owned subsidiary of Gilead Sciences, Inc. is required to make the offer under the terms of the notes following Gilead's acquisition of CV Therapeutics.

As previously reported, CV Therapeutics was acquired by the Foster City, Calif.-based biopharmaceutical company for $20 per share in cash in a transaction valued at $1.4 billion.

U.S. Bank NA is the trustee and depositary for the offer (800 934-6802).

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