Amylin Pharmaceuticals, Inc. Announces Pricing of Convertible Senior Notes
June 05 2007 - 8:00AM
PR Newswire (US)
SAN DIEGO, June 5 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. (NASDAQ:AMLN) announced today the pricing of a private
placement of $500 million aggregate principal amount of 3.00%
convertible senior notes due 2014. The offering is made pursuant to
an exemption from registration under the Securities Act of 1933, as
amended (the "Securities Act"). The private placement is expected
to close on June 8, 2007, subject to customary closing conditions.
The notes will pay interest semiannually at a rate of 3.00% per
annum. The notes will be convertible under certain circumstances at
the option of the holder at an initial conversion rate of 16.3752
shares of Amylin common stock per $1,000 principal amount of notes.
This represents an initial conversion price of approximately $61.07
per share, a 40% premium over the last reported sale price of
Amylin common stock on June 4, 2007, which was $43.62 per share.
The convertible senior notes will be convertible into shares of
common stock, subject to Amylin's right to irrevocably elect to
settle conversions in cash up to the principal amount and shares
for any conversion value in excess thereof. Amylin has also granted
the initial purchasers of the notes an option to purchase up to an
additional $75 million in aggregate principal amount of the
convertible senior notes. Amylin estimates that the net proceeds
from this offering will be approximately $486.0 million after
deducting initial purchasers' discounts and estimated expenses. As
previously announced, Amylin intends to use the net proceeds of
this offering to continue to commercialize its approved products,
fund the development of its late stage product candidates and other
pipeline candidates, establish additional manufacturing sources,
including its Ohio manufacturing facility, fund research and
development activities, fund other operating expenses and potential
acquisitions of or investments in complementary technologies or
businesses and for other general corporate purposes. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy securities. The offering is being made within the
United States only to qualified institutional buyers. The
convertible senior notes being offered and the common stock
issuable upon conversion of the convertible senior notes have not
been registered under the United States or state securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements. The statements in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended, and may involve a
number of risks and uncertainties. For example, the completion of
the offering is subject to the satisfaction of various closing
conditions. DATASOURCE: Amylin Pharmaceuticals, Inc. CONTACT: Mark
Foletta, Senior Vice President, Finance and Chief Financial Officer
of Amylin Pharmaceuticals, Inc., +1-858-552-2200 Web site:
http://www.amylin.com/
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