Teligent adjusts conversion rates of convertibles due 2023

By Wendy Van Sickle

Columbus, Ohio, June 3 – Teligent Inc. adjusted the conversion rates for its 7% cash/8% PIK series B senior convertible notes due 2023 and its and its 4.75% convertible senior notes due 2023, according to a company news release.

The conversion rate adjustments are being made as a result of the company’s one-for-10 reverse stock split.

For the series B notes, the conversion rate is now 138.8897 shares of common stock per $1,000 principal amount, changed from 1,388.889 shares per $1,000 principal amount.

For the 4.75% convertibles, the conversion rate is now 22.472 shares per $1,000 principal amount, changed from 224.7191 shares per $1,000 principal amount.

The new rates became effective May 28.

Teligent is a specialty generic pharmaceutical company based in Buena, N.J.

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