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Cell Therapeutics, Inc. Intends to Offer to Exchange up to $89.2 Million of its Outstanding Convertible Notes in a 'Modified Dutch Auction' Tender Offer
Date:5/11/2009

SEATTLE, May 11 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. ("CTI" or the "Company") (Nasdaq and MTA: CTIC) today announced that that its Board of Directors has authorized a "Modified Dutch Auction" tender offer (the "Exchange Offer") and that it intends to exchange shares of its common stock, no par value ("Common Stock"), and cash for up to approximately an aggregate of $89.2 million principal amount for the following outstanding shares of the Company's convertible notes (the "Notes"):

  • 4% Convertible Senior Subordinated Notes due 2010
  • 5.75% Convertible Senior Notes due 2011
  • 6.75% Convertible Senior Notes due 2010
  • 7.5% Convertible Senior Notes due 2011
  • 9% Convertible Senior Notes due 2012

The Company currently expects to utilize up to $17.8 million in cash currently on hand and/or cash to be received in connection with a private placement of Common Stock and warrants to a single institutional investor for the cash portion of the exchange consideration. The Company anticipates that the consideration for the Exchange Offer will be in the range of $250 to $300 per $1000 per value of the Notes.

The Company is conducting the Exchange Offer in order to reduce the principal amount of its outstanding indebtedness. The Company believes that reducing its outstanding indebtedness is necessary in order for its business to operate in light of its current asset base and revenue prospects. Currently, there is an aggregate of approximately $118.9 million of Notes outstanding. The Exchange Offer is expected to commence in the near future.

This announcement is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, any Notes. The Company expects to announce further information on the details of the proposed Exchange Offer in the near fu
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SOURCE Cell Therapeutics, Inc.
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