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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.

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SOURCE Mylan Inc.
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