Vertex Pharmaceuticals (MA) (VRTX) Calls for Redemption of $400 Million in Convertible Senior Subordinated Notes Due 2015
5/17/2013 9:44:15 AM
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CAMBRIDGE, Mass.--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) announced that it has called for redemption of its outstanding $400.0 million in aggregate principal amount of 3.35% Convertible Senior Subordinated Notes due 2015, pursuant to the provisional “soft call” redemption right in the indenture governing the 2015 Notes. Any 2015 Notes outstanding on June 17, 2013 will be redeemed in cash for 100% of the principal amount, plus a make-whole interest payment of $16.75 per $1,000 principal amount payable in shares of Vertex’s common stock. The 2015 Notes are convertible on or before June 14, 2013 into shares of Vertex’s common stock at a conversion price of approximately $48.83 per share (20.4794 shares per $1,000 principal amount). Holders of 2015 Notes that are submitted for conversion into common stock on or before June 14, 2013 also will receive the make-whole interest payment. On May 16, 2013, the closing price for Vertex’s common stock was $77.89.
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