Newport Pharmaceuticals Announces Successful Completion of Exchange Offer

Newport Pharmaceuticals International Inc. (NASDAQ:NWPH) announced Tuesday that it has successfully completed its exchange offer with the holders of its 10 percent senior secured convertible notes due 2002 (NASDAQ:NWPHG). The exchange offer was made pursuant to an offering circular dated March 19. A...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Authors Archbold, Judith W, Allen, Linda M
Format Newsletter
LanguageEnglish
Published New York Business Wire 17.04.1990
Subjects
Pacific
Pharmaceutical industry
Stock redemptions
Laguna Hills
US
CA
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Summary:Newport Pharmaceuticals International Inc. (NASDAQ:NWPH) announced Tuesday that it has successfully completed its exchange offer with the holders of its 10 percent senior secured convertible notes due 2002 (NASDAQ:NWPHG). The exchange offer was made pursuant to an offering circular dated March 19. An aggregate of $6,483,000 principal amount of notes was tendered, representing over 72 percent of the outstanding notes. Pursuant to the terms of the offer, the company will exchange an amount equal to 25 percent ($2,247,000) of the outstanding notes on a pro rata basis for shares of common stock at the rate of 336 shares for each $1,000 principal amount of the notes, including accrued interest. (excerpt)