CAMBRIDGE, Mass.--(BUSINESS WIRE)--Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) announced that on March 19, 2010 it will redeem the outstanding $32.1 million aggregate principal amount of 4.75% Convertible Senior Subordinated Notes due 2013, in accordance with the terms of the indenture governing those notes. Since Vertex’s common stock is currently trading above the conversion price, Vertex expects that holders of the notes will choose to convert their notes into common stock at a conversion rate of approximately $23.14 per share rather than accept redemption. The holders may convert the notes into common stock until the close of business on March 18, 2010. If all notes are converted, Vertex will issue an aggregate of approximately 1.4 million shares of common stock, increasing the Company’s total shares outstanding to approximately 202 million. Vertex will pay the holders of those notes not converted into shares a redemption price equal to 102.85% of the outstanding principal amount of the notes, plus accrued and unpaid interest to, but excluding the redemption date.
