FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that it has elected to settle its conversion obligations in connection with any 1.625% Senior Convertible Notes due 2016 (the “Notes”) submitted for conversion on or after February 1, 2016 entirely in cash.
In accordance with the foregoing, Gilead notified Wells Fargo Bank, National Association, the Trustee for the Notes, that it had designated a “Cash Percentage” (as defined in the indenture governing the Notes (the “Indenture”)) of 100% to apply to the “Daily Share Amount” for every “Trading Day” during the relevant “Conversion Reference Period” (each as defined in the Indenture) applicable to the Notes.
In accordance with the foregoing, Gilead notified Wells Fargo Bank, National Association, the Trustee for the Notes, that it had designated a “Cash Percentage” (as defined in the indenture governing the Notes (the “Indenture”)) of 100% to apply to the “Daily Share Amount” for every “Trading Day” during the relevant “Conversion Reference Period” (each as defined in the Indenture) applicable to the Notes.
