Medicis Announces Offering of $400 Million of Convertible Notes

Published: May 10, 2012

SCOTTSDALE, Ariz., May 10, 2012 (GLOBE NEWSWIRE) -- Medicis (NYSE:MRX) (the "Company") today announced that it intends, subject to market and other conditions, to offer $400 million aggregate principal amount of convertible senior notes due 2017 (the "Convertible Notes") in an offering registered under the Securities Act of 1933, as amended (the "Securities Act"). The Company expects to grant an option to the underwriters for up to an additional $50 million aggregate principal amount of Convertible Notes solely to cover overallotments. The Convertible Notes are expected to pay interest semiannually and will be convertible into cash up to the aggregate principal amount of Convertible Notes to be converted and cash, shares of the Company's Class A common stock ("Common Stock") or a combination of cash and shares of the Company's Common Stock, at the Company's election in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes to be converted, based on a conversion rate to be determined. The Convertible Notes will mature on June 1, 2017, unless repurchased or converted in accordance with their terms prior to such date. Prior to March 1, 2017, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date.

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