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Oscient Pharmaceuticals Corporation (OSCI) Extends Maturity of its Privately Placed 5% Convertible Promissory Notes



1/28/2009 10:21:00 AM

WALTHAM, Mass.--(BUSINESS WIRE)--Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) today announced that it has extended the February 6, 2009 maturity date of approximately $13 million principal of convertible debt, plus $4 million of accrued interest, to December 1, 2009. The amendment to the agreement, which has been executed with holders of approximately 99% of the 2009 notes, reduces the conversion price to $1.10 per share and includes a provision for optional exchange into the Company’s 12.50% Convertible Guaranteed Senior Notes due 2011 at the election of the noteholder.

Read at BioSpace.com


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