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VIVUS, Inc. (VVUS) Announces Proposed Offering of Convertible Senior Notes


5/15/2013 9:16:21 AM

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MOUNTAIN VIEW, Calif., May 15, 2013 (GLOBE NEWSWIRE) -- VIVUS, Inc. (Nasdaq:VVUS) announced today that it intends to offer, subject to market and other conditions, $200 million aggregate principal amount of convertible senior unsecured notes due May 1, 2020 (the "Notes") through one or more initial purchasers in a private placement pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). VIVUS also intends to grant the initial purchasers a 30-day option to purchase up to an additional $30 million aggregate principal amount of the Notes. VIVUS anticipates using a portion of the net proceeds from the offering to pay the cost of a capped call transaction described below to be entered into with an affiliate of one of the initial purchasers (the "hedge counterparty"), and the remainder of the net proceeds for continued commercialization of its products and development of its product candidates, and for general corporate purposes. If the initial purchasers exercise their option to purchase additional Notes, VIVUS may enter into an additional capped call transaction with the hedge counterparty.

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