OSI Pharmaceuticals, Inc. (Nasdaq: OSIP) today announced that it intends to offer, subject to market conditions, a new issue of $100 million of Convertible Senior Subordinated Notes due 2025. The notes will be convertible into OSI common stock at a price to be determined. The notes will be unsecured obligations of OSI and will be subordinated in right of payment to all of its existing and future senior indebtedness. As part of the offering, OSI will also grant the initial purchaser a 30-day option to purchase up to an additional aggregate $15 million of the notes.
