Navigation Links
Cell Therapeutics Announces Final Results of its Fixed Price Exchange Offers for Any and All of its $118.9 Million Convertible Notes Outstanding
Date:6/19/2009

SEATTLE, June 19 /PRNewswire-FirstCall/ -- Cell Therapeutics, Inc. (the "Company" or "CTI") (Nasdaq and MTA: CTIC) today announced the final results of its separate concurrent fixed price exchange offers (each, an "Exchange Offer" and together, the "Exchange Offers") for any and all of the approximately $118.9 million outstanding principal amount of five series of its convertible notes (the "Notes"). The Exchange Offers expired at 5:00 p.m., New York City time, on Tuesday, June 16, 2009.

In accordance with the terms and conditions of the Exchange Offers, and based on the final count by U.S. Bank National Association, the depositary for the Exchange Offers, the Company has accepted for exchange approximately $52.9 million aggregate principal amount of the Notes for the previously announced exchange consideration of (i) $134.50 cash, and (ii) 458 shares of common stock per $1,000 principal amount of Notes validly tendered and not withdrawn in each Exchange Offer, for a total amount of exchange consideration (excluding interest, fees and other expenses in connection with the Exchange Offers) of approximately $7.1 million cash and approximately 24.2 million shares of common stock.

The $1.9 million reduction in the final aggregate principal amount of Notes accepted for exchange compared to the preliminary aggregate principal amount of Notes tendered for exchange announced by the Company on June 17, 2009 is due to the depositary's receipt of separate notices of guaranteed delivery from two different brokers for the same Notes.

As a result of this transaction, the Company will eliminate approximately $52.9 million of debt, reduce its annual interest expense by approximately $3.3 million, and increase its shareholder's equity by approximately $43.7 million. In addition, the Company expects to book an estimated gain on the exchange of approximately $7.9 million.

The Company has accepted for exchange the following approximate principal amount of each series of Notes:

    (i)   $11,787,000, or 21.4%, of the $55,150,000 aggregate outstanding
          principal amount of 4% Convertible Senior Subordinated Notes due
          2010;

    (ii)  $12,087,000, or 52.6%, of the $23,000,000 aggregate outstanding
          principal amount of 5.75% Convertible Senior Notes due 2011;

    (iii) $5,500,000, or 78.6%, of the $7,000,000 aggregate outstanding
          principal amount of 6.75% Convertible Senior Notes due 2010;

    (iv)  $23,208,000, or 69.4%, of the $33,458,000 aggregate outstanding
          principal amount of 7.5% Convertible Senior Notes due 2011; and

    (v)   $335,000, or 100.0%, of the $335,000 aggregate outstanding principal
          amount of 9.0% Convertible Senior Notes due 2012.

As of June 16, 2009, the expiration date of the Exchange Offers, approximately $118.9 million aggregate principal amount of the Notes was outstanding. Accordingly, the aggregate principal amount of Notes that the Company has accepted for exchange in the Exchange Offers represents approximately 44.5% of the outstanding principal amount of Notes as of such date.

The Company expects that the settlement date for the Exchange Offers will be Monday, June 22, 2009. Accrued and unpaid interest to, but excluding, the settlement date on Notes accepted for exchange will be paid in cash.

The financial advisor for the Exchange Offers is Piper Jaffray & Co., the information agent for the Exchange Offers is Georgeson Inc. and the depositary for the Exchange Offers is U.S. Bank National Association.

About Cell Therapeutics, Inc.

Headquartered in Seattle, CTI is a biopharmaceutical company committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. For additional information, please visit www.CellTherapeutics.com.

Sign up for email alerts and get RSS feeds at our Web site, http://www.CellTherapeutics.com/investors_news.htm

Exchange Offer Statement

This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell, any securities. Holders of the Notes who have questions may call the information agent at (800) 457-0759. Banks and brokerage firms may call (212) 440-9800.

    Media Contact:
    Dan Eramian
    T: 206.272.4343
    C: 206.854.1200
    E: deramian@ctiseattle.com
    www.CellTherapeutics.com/press_room

    Investors Contact:
    Ed Bell
    T: 206.282.7100
    Lindsey Jesch
    T: 206.272.4347
    F: 206.272.4434
    E: invest@ctiseattle.com
    www.CellTherapeutics.com/investors


'/>"/>
SOURCE Cell Therapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Prime Therapeutics Receives TIPPS Certification
2. Adams Respiratory Therapeutics to Celebrate 10th Anniversary of its Incorporation on September 12
3. Transition Therapeutics Announces Fiscal 2007 Year End Financial Results
4. Lorus Therapeutics announces election of three new Directors and appoints a new Chairman
5. Deane F. Johnson Center for Neurotherapeutics to Launch First Mobile Medical Unit on October 4th
6. Russell Investment Group Advises Protalix Biotherapeutics of Index Adjustment
7. Adams Respiratory Therapeutics Announces FDA Approval of Grape-Flavored Delsym(R)
8. Prime Therapeutics Announces URAC Accreditation
9. Cell Therapeutics, Inc. (CTI) to Present at BIO Investor Forum
10. Horizon Therapeutics, Inc. Scheduled to Present at Upcoming BioPartnering Europe Meeting
11. Sontra Medical Corporation Changes Name to Echo Therapeutics, Inc.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/8/2016)... Ga (PRWEB) , ... December 08, 2016 , ... ... as soon after surgery as possible. With this in mind, SIGVARIS has created ... (DVT or blood clot) during bed rest and provide the benefits of graduated ...
(Date:12/8/2016)... ... December 08, 2016 , ... Dickinson Insurance and Financial Services, ... Little Rock, has initiated a charity drive to provide support and funding to ... Senior Hunger, Arkansas ranks first in senior hunger statewide, third in child hunger, ...
(Date:12/8/2016)... ... December 08, 2016 , ... ... serve communities in and around the greater Phoenix metropolitan region, is announcing a ... , The mission of the Homeless Youth Connection is to promote community awareness ...
(Date:12/8/2016)... , ... December 08, 2016 , ... ... financial consulting services to residential and commercial clients in the northern Alabama and ... for Nobis Works. , Since 1977, Nobis Works has built a network of ...
(Date:12/7/2016)... ... December 07, 2016 , ... ... will have the unique opportunity to get hands-on experience in an emergency medical ... an immersive experience to gain invaluable, real-life medical skills that are critical success ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... KEY FINDINGS ... Patient warming and cooling devices offer several ... the risks of neurological disorders post cardiac arrests, rapid recovery ... systems can be segmented into convective warming system, surface warming ... stay at hospitals thus, lowering the healthcare costs by enhancing ...
(Date:12/8/2016)... 8, 2016 Global Interventional Radiology Market: ... global interventional radiology market analyzes the current and ... an elaborate executive summary, including a market snapshot ... sub-segments. The research is a combination of ... bulk of our research efforts along with information ...
(Date:12/8/2016)... 8, 2016 KEY FINDINGS ... of the market in 2016 and is expected to ... attributed to a large number of surgical procedures that ... largest share in the patient temperature management market.) Patient ... reducing loss of blood during surgeries, lowering the risks ...
Breaking Medicine Technology: