SAN DIEGO, June 5 /PRNewswire-FirstCall/ -- Amylin Pharmaceuticals,
Inc. (Nasdaq: AMLN) announced today the pricing of a private placement of
$500 million aggregate principal amount of 3.00% convertible senior notes
due 2014. The offering is made pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the "Securities Act"). The
private placement is expected to close on June 8, 2007, subject to
customary closing conditions.
The notes will pay interest semiannually at a rate of 3.00% per annum.
The notes will be convertible under certain circumstances at the option of
the holder at an initial conversion rate of 16.3752 shares of Amylin common
stock per $1,000 principal amount of notes. This represents an initial
conversion price of approximately $61.07 per share, a 40% premium over the
last reported sale price of Amylin common stock on June 4, 2007, which was
$43.62 per share. The convertible senior notes will be convertible into
shares of common stock, subject to Amylin's right to irrevocably elect to
settle conversions in cash up to the principal amount and shares for any
conversion value in excess thereof. Amylin has also granted the initial
purchasers of the notes an option to purchase up to an additional $75
million in aggregate principal amount of the convertible senior notes.
Amylin estimates that the net proceeds from this offering will be
approximately $486.0 million after deducting initial purchasers' discounts
and estimated expenses. As previously announced, Amylin intends to use the
net proceeds of this offering to continue to commercialize its approved
products, fund the development of its late stage product candidates and
other pipeline candidates, establish additional manufacturing sources,
including its Ohio manufacturing facility, fund research and development
activities, fund other operating expenses and potential acquisitions of or
investments in complementary technologies or businesses and for other
general corporate purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The offering is being made
within the United States only to qualified institutional buyers. The
convertible senior notes being offered and the common stock issuable upon
conversion of the convertible senior notes have not been registered under
the United States or state securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption from
the registration requirements.
The statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act of 1934, as
amended, and may involve a number of risks and uncertainties. For example,
the completion of the offering is subject to the satisfaction of various
closing conditions.
SOURCE Amylin Pharmaceuticals, Inc.
 back to top
Related links:
http://www.amylin.com
CONTACT:
Mark Foletta, Senior Vice President, Finance
and Chief Financial Officer of Amylin Pharmaceuticals, Inc.,
+1-858-552-2200
|
