BEDMINSTER, N.J., Oct. 18 /PRNewswire-FirstCall/ -- NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) announced today the expiration and final results of its cash tender offer for any and all of its outstanding 3.0% Convertible Notes due 2008. The tender offer expired at midnight, New York City time, on October 17, 2007.
As of the expiration date of the tender offer, $171.2 million principal amount of the notes, representing approximately 99.7% of the notes outstanding, had been validly tendered pursuant to the tender offer, all of which NPS Pharmaceuticals accepted for payment. Each holder who tendered notes on or before the expiration date will receive $987.50 in cash for each $1,000 of principal amount of notes tendered, plus accrued and unpaid interest up to, but not including, the date the notes are paid pursuant to the offer. After payment for the tendered notes, and earlier open market repurchases, there will be $598,000 principal amount of the notes remaining outstanding. Jefferies & Company, Inc. acted as Dealer Manager in connection with the tender offer.
As a result of the repurchase of the convertible notes, NPS Pharmaceuticals expects to record a charge in the fourth quarter of 2007 of approximately $778,000 related to the write-off of deferred financing costs. Offsetting this charge will be a gain on early extinguishment of debt of approximately $1.3 million, net of the tender offer costs.
NPS Pharmaceuticals is a biopharmaceutical company focused on the
development and commercialization of small molecules and recombinant
proteins as drugs, primarily for the treatment of metabolic, bone and
mineral, and central nervous system disorders. The company has drug
candidates in various stages of clinic
|SOURCE NPS Pharmaceuticals, Inc.|
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