Wyeth Announces Results of the Company's Offer Relating to Holder Right to Surrender Convertible Debentures
July 15 2009 - 1:43PM
PR Newswire (US)
MADISON, N.J., July 15 /PRNewswire-FirstCall/ -- Wyeth (NYSE:WYE)
(the "Company") announced today that the Company's offer to
purchase Wyeth Floating Rate Convertible Senior Debentures due 2024
(the "Convertible Debentures") pursuant to the right of holders to
surrender their Convertible Debentures for purchase by Wyeth
pursuant to their terms (the "Put Option") effective on July 15,
2009 (the "Purchase Date"), expired at 5:00 p.m., New York City
time, on Tuesday, July 14, 2009 (the "Exercise Date"). On the
Purchase Date, the Company accepted for purchase all outstanding
Convertible Debentures that were validly tendered and not validly
withdrawn as of the Exercise Date. Based on final information
provided to the Company by The Bank of New York Mellon, the Trustee
and Paying Agent for the Put Option, $765,139,000 in aggregate
principal amount of Convertible Debentures, representing
approximately 97.1 percent of the aggregate principal amount of the
outstanding Convertible Debentures prior to the completion of the
Put Option, were validly tendered and accepted for purchase in the
Put Option, at a cash purchase price of $1,000 per $1,000 principal
amount at maturity of Convertible Debentures. The aggregate
purchase price for the accepted Convertible Debentures of
$765,139,000, which was deposited with The Depository Trust Company
("DTC") on July 15, 2009, will be delivered promptly to tendering
holders by DTC. Because the Purchase Date coincided with the July
15, 2009 regular interest payment date, there was no accrued but
unpaid interest payable on the Convertible Debentures on the
Purchase Date, although regular interest payments were paid on the
same date to all holders of record as of July 1, 2009, the regular
interest payment record date. Pursuant to the terms of the Put
Option, Convertible Debentures that were not tendered will remain
outstanding, and the terms and conditions of the Convertible
Debentures, including the covenants and other protective provisions
contained in the indenture governing the Convertible Debentures,
will remain unchanged. About Wyeth Wyeth is one of the world's
largest research-driven pharmaceutical and health care products
companies. It is a leader in the discovery, development,
manufacturing and marketing of pharmaceuticals, vaccines,
biotechnology products, nutritionals and non-prescription medicines
that improve the quality of life for people worldwide. The
Company's major divisions include Wyeth Pharmaceuticals, Wyeth
Consumer Healthcare and Fort Dodge Animal Health. The statements in
this press release that are not historical facts are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. These risks and
uncertainties include, among others, risks related to our proposed
merger with Pfizer, including satisfaction of the conditions of the
proposed merger on the proposed timeframe or at all, contractual
restrictions on the conduct of our business included in the merger
agreement, and the potential for loss of key personnel, disruption
in key business activities or any impact on our relationships with
third parties as a result of the announcement of the proposed
merger; the inherent uncertainty of the timing and success of, and
expense associated with, research, development, regulatory approval
and commercialization of our products and pipeline products;
government cost-containment initiatives; restrictions on
third-party payments for our products; substantial competition in
our industry, including from branded and generic products; emerging
data on our products and pipeline products; the importance of
strong performance from our principal products and our anticipated
new product introductions; the highly regulated nature of our
business; product liability, intellectual property and other
litigation risks and environmental liabilities; the outcome of
government investigations; uncertainty regarding our intellectual
property rights and those of others; difficulties associated with,
and regulatory compliance with respect to, manufacturing of our
products; risks associated with our strategic relationships; global
economic conditions; interest and currency exchange rate
fluctuations and volatility in the credit and financial markets;
changes in generally accepted accounting principles; trade buying
patterns; the impact of legislation and regulatory compliance;
risks and uncertainties associated with global operations and
sales; and other risks and uncertainties, including those detailed
from time to time in our periodic reports filed with the Securities
and Exchange Commission, including our current reports on Form 8-K,
quarterly reports on Form 10-Q and annual report on Form 10-K,
particularly the discussion under the caption "Item 1A, Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2008, which was filed with the Securities and Exchange
Commission (SEC) on February 27, 2009. The forward-looking
statements in this press release are qualified by these risk
factors. We assume no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future developments or otherwise. DATASOURCE: Wyeth CONTACT: Media:
Douglas Petkus, +1-973-660-5218, or Investors: Justin Victoria,
+1-973-660-5340, both of Wyeth Web Site: http://www.wyeth.com/
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