WALTHAM, Mass.--(BUSINESS WIRE)--Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) today announced that it has commenced offers to exchange up to $185,600,000 aggregate principal amount of its new 3.50% Convertible Senior Notes due 2011 for up to all of the $152,750,000 aggregate principal amount of its currently outstanding 3½% Senior Convertible Notes due 2011 and up to all of the $22,310,000 aggregate principal amount of its currently outstanding 5% Convertible Promissory Notes due 2009 (plus accrued and unpaid interest on the existing 2009 notes). The Company is also offering for cash up to an additional $30,000,000 aggregate principal amount of new 3.50% Convertible Senior Notes due 2011. The Company anticipates that the new 3.50% Convertible Senior Notes due 2011 will be issued at between 70% and 75% of the principal amount (plus accrued and unpaid interest on the 2011 notes).
