Sterling Biotech calls in full 0.5% foreign currency convertibles

By Jennifer Chiou

New York, Oct. 4 - Sterling Biotech Ltd. announced the full redemption of its 0.5% convertible bonds due Sept. 30, 2010.

In July, the company repurchased and canceled $13,725,000 of the bonds, leaving $79,945,000 of the foreign currency convertibles outstanding at the time.

The Mumbai-based manufacturer of pharmaceutical gelatin originally issued $175 million of the bonds in September 2005.

Overall, $135.46 million of the convertibles was converted into shares while $39.54 million was repaid, including $18.315 million redeemed at maturity.

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