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Article: Trio Of Companies Looking To Finance Through Debt Vehicles.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Senior Staff Writer
Medarex Inc. is aiming to pay down old debt through new notes financed at a more favorable rate.
The Princeton, N.J.-based company agreed to privately place $150 million worth of 2.25 percent convertible senior notes due 2011 to qualified institutional buyers. The debt sale marks the second such placement for the antibody development firm in less than a year. Last summer, Medarex sold $100 million of 4.25 percent convertible senior notes due 2010. (See BioWorld Today, July 21, 2003.)
The company said it would use the latest proceeds to purchase or redeem all or a portion of its outstanding 4.5 percent convertible ...
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