Sepracor, Inc. Intends To Reacquire Shares Of Its Common Stock In Call Spread Option Settlements
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Nov. 8, 2005--Sepracor Inc. (Nasdaq: SEPR) today announced that it intends to reacquire up to 2,661,432 shares of its common stock upon the settlement of call spread options it purchased in December 2003. In connection with the issuance of its 0% Series A Convertible Subordinated Notes due 2008 and 0% Series B Convertible Subordinated Notes due 2010, Sepracor purchased four series of call spread options, expiring at various dates between May 12, 2004 and December 9, 2005, from Morgan Stanley & Co. Incorporated, Capital Ventures International and Credit Suisse First Boston (the "Other Parties"). The fourth and only outstanding call spread option series consists of 4,919,496 options expiring in equal installments on each business day from November 11, 2005 through December 9, 2005.