Theravance to redeem $172.5 million 3% convertibles under soft call

By Susanna Moon

Chicago, June 4 - Theravance, Inc. called for redemption all of its outstanding $172.5 million of outstanding 3% convertible subordinated notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

The company will pay par plus accrued interest to the redemption date of June 5.

The notes were called under the provisional "soft call" redemption right contained in the note terms, the company said in a press release.

The notes are convertible at any time before 5 p.m. ET on July 3 into shares of Theravance's common stock at a conversion rate of 38.6548 shares per $1,000 principal amount, which is a conversion price of about $25.87.

The company's stock (Nasdaq: THRX) closed at $35.49 on June 3.

Theravance is a San Francisco-based biopharmaceutical company.

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