CV Therapeutics Announces Proposed Private Offering of Senior Subordinated Convertible Notes
May 11 2004 - 5:04PM
PR Newswire (US)
CV Therapeutics Announces Proposed Private Offering of Senior
Subordinated Convertible Notes PALO ALTO, Calif., May 11
/PRNewswire-FirstCall/ -- CV Therapeutics, Inc. announced today
that it intends to offer, subject to market and other conditions,
$100 million aggregate principal amount of senior subordinated
convertible notes. The Company also expects to grant to the initial
purchasers of the notes a 30-day option to purchase up to an
additional $25 million of the notes. The Company intends to use a
portion of the net proceeds from the offering to repurchase a
portion of its outstanding convertible debt, including subordinated
debt. The Company will use a portion of the net proceeds of the
offering to fund an escrow account to provide security for the
first six scheduled interest payments on the notes. The Company
intends to use the remaining net proceeds of the offering for
general corporate purposes, which may include funding research,
development and product manufacturing, preclinical and clinical
trials, preparation and filing of new drug applications, product
commercialization, increasing its working capital and capital
expenditures. The notes have not been registered under the
Securities Act of 1933, as amended, or any applicable state
securities laws, and will be offered only to qualified
institutional buyers in reliance on Rule 144A. Unless so
registered, the notes may not be offered or sold in the United
States except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
Except for the historical information contained herein, the matters
set forth in this press release, including statements as to
development and commercialization of the company's products, are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including, early stage of development; regulatory review and
approval of our products; the timing of clinical trials; the
dependence on collaborative and licensing agreements; operating at
a loss; commercialization of our products; and other risks detailed
from time to time in CVT's SEC reports, including its most recent
Annual Report on Form 10-K, and its most recent Quarterly Report on
Form 10-Q. CVT disclaims any intent or obligation to update these
forward-looking statements. DATASOURCE: CV Therapeutics, Inc.
CONTACT: investors, Dan Spiegelman, SVP & Chief Financial
Officer, +1-650-384-8509, or Christopher Chai, Treasurer &
Executive Director, Investor Relations, +1-650-384-8560, or media,
John Bluth, Senior Director, Corporate Communications,
+1-650-384-8850, all of CV Therapeutics, Inc. Web site:
http://www.cvt.com/
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