Navigation Links
Mylan Completes $2.89 Billion of Equity Financings, Including Exercise of Overallotment Option of Mandatory Convertible Preferred Stock
Date:11/19/2007

PITTSBURGH, Nov. 19 /PRNewswire-FirstCall/ -- Mylan Inc. (NYSE: MYL) announced that it completed the sale of 2.14 million shares of 6.50% mandatory convertible preferred stock at $1,000 per share and 53.5 million shares of common stock at $14 per share pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission. The amounts sold include 279,000 shares of preferred stock issued pursuant to the underwriters' exercise of the overallotment option.

The offerings generated net proceeds, after underwriting discounts and expenses, totaling approximately $2.8 billion, which will be used to prepay a portion of the bridge loans that were borrowed to finance in part its acquisition of Merck KGaA's generics business.

The preferred stock will pay, when declared by the Board of Directors, dividends at a rate of 6.50% percent per annum on the liquidation preference of $1,000 per share, payable quarterly in arrears in cash, shares of Mylan common stock or a combination thereof at Mylan's election. The first dividend date will be February 15, 2008.

Each share of preferred stock will automatically convert on November 15, 2010, into between approximately 58.5480 shares and 71.4286 shares of MYL common stock. The conversion rate will be subject to anti-dilution adjustments in certain circumstances. Holders may elect to convert at any time at the minimum conversion rate of 58.5480 shares of common stock for each share of preferred stock. The preferred stock is listed on the New York Stock Exchange under the symbol MYLPrA.

After giving effect to these offerings, MYL will have approximately 302 million shares of common stock outstanding.

The joint book-running managers for the preferred stock and common stock offerings are Merrill Lynch & Co. and Goldman, Sachs & Co. Merrill Lynch & Co. is acting as sole global coordinator for all financings for Mylan. Co- managers for the common stock offering are Citi, JPMorgan and Cowen and Company. Co-managers for the preferred stock offering are Citi, JPMorgan, Cowen and Company, Banc of America Securities LLC and Mitsubishi UFJ Securities.

Copies of the prospectuses related to the offerings may obtained from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department or from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attention: Prospectus Department, Fax: 212-902-9316 or email at prospectus-ny@ny.email.gs.com.

This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.

This press release contains statements that constitute "forward-looking statements", including with regard to the Company's planned securities offerings. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the prevailing conditions in the public capital markets; significant fluctuations in interest rates or inflation; economic recession; economic, political and market factors affecting trading volumes, securities prices or demand for the Company's stock; and the other risks detailed in the Company's prospectus supplements and in periodic filings filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.


'/>"/>
SOURCE Mylan Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Mylan Commences Tender Offers and Consent Solicitations for Its 5.750% Senior Notes Due 2010 and 6.375% Senior Notes Due 2015 in Connection With Its Proposed Acquisition of Mercks Generic Pharmaceutical Business
2. Mylan Announces Final FDA Approval for Carvedilol Tablets
3. Mylan Announces Tentative FDA Approval for Topiramate Capsules
4. Mylan Announces Appointment of M. Fabiana Lacerca as Senior Vice President and Chief Compliance Officer
5. Mylan Announces Extension of Tender Offers for Its 5.750% Senior Notes due 2010 and 6.375% Senior Notes due 2015
6. Mylan Announces Appointment of David A. Lillback as Senior Vice President and Global Head of Human Resources
7. Mylan Announces Appointment of Brian Byala as Senior Vice President and Treasurer
8. Mylan Announces Appointment of Didier Barret as President, Europe, Middle East and Africa
9. Mylan Announces Appointment of Harry A. Korman as President, North America
10. Mylan Announces Appointment of John Montgomery as President, Asia Pacific
11. Mylan Announces Management of Specialty Business, Dey L.P.
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/4/2016)... ... December 04, 2016 , ... Patients ... can now take advantage of a cosmetic procedure known as Carbon Dioxide ... reduces the appearance of age spots, fine lines, uneven coloration, wrinkles, scarring, ...
(Date:12/2/2016)... ... ... Lori G. Cohen and Sara K. Thompson , shareholders in ... Conference Institute’s 21st Drug & Medical Device Litigation Conference , taking place in New ... Cohen, who chairs the firm’s Pharmaceutical, Medical Device & Health Care Litigation Practice and ...
(Date:12/2/2016)... AL (PRWEB) , ... December 02, 2016 , ... ... from across the Dothan-Wiregrass Area in Alabama are expected to attend the UNCF ... Schmitz, will help provide scholarship funds for area students and operating support to ...
(Date:12/2/2016)... ... ... The annual time frame to change Medicare health and prescription drug coverage, ... Currently-enrolled Medicare beneficiaries who are looking to switch from their current plan to a ... changes during this period order for their new policy to go into effect in ...
(Date:12/2/2016)... ... 02, 2016 , ... Dr. Raffi Hovsepian, a leading plastic, ... 2016 “Guide to America’s Top Plastic Surgeons” for seven consecutive years. The prestigious ... experience, and professional associations. , One the most frequently honored surgeons in ...
Breaking Medicine News(10 mins):
(Date:12/4/2016)... -- A highly innovative, personalized cell-based treatment for a high-risk form of ... oncologists from Children,s Hospital of Philadelphia today reported ... leukemia (ALL). The physician-scientists presented findings at the annual meeting ... . Continue Reading ... ...
(Date:12/2/2016)... Columbia , December 2, 2016 bioLytical Laboratories, un ... la Compañía, el INSTI HIV Self Test , a los miembros de ... ... INSTI HIV Self Test! (PRNewsFoto/bioLytical Laboratories) ...      (Photo: http://photos.prnewswire.com/prnh/20161201/444905 ) ...
(Date:12/2/2016)... DUBLIN , Dec 2, 2016 Research ... Market Size, Share, Development, Growth and Demand Forecast to 2022" report ... , , ... revenue of $6 billion in 2015, and it is expected to grow ... ultrasound segment is expected to witness faster growth during the forecast period, ...
Breaking Medicine Technology: