Navigation Links
Mylan Prices Offerings of Common Stock and Mandatory Convertible Preferred Stock
Date:11/14/2007

PITTSBURGH, Nov. 14 /PRNewswire-FirstCall/ -- Mylan Inc. (NYSE: MYL) announced that it has priced its concurrent public offerings of 1.86 million shares of 6.50% mandatory convertible preferred stock ("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 underwriters have options to purchase approximately 279,000 additional shares of preferred stock and approximately 8.025 million shares of common stock, in each case to cover over-allotments, if any. These offerings are separate public offerings by means of separate prospectus supplements and the closing of each offering is not contingent on the other.

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 has been approved for listing on the New York Stock Exchange, subject to issuance. The ticker symbol for this security will be MYLPrA.

The offerings will generate net proceeds of approximately $2.5 billion after underwriters discounts and expenses, without giving effect to the exercise of the over-allotment options. The closing date for the transactions is expected to be November 19, 2007. Mylan intends to use the net proceeds of the offerings to prepay a portion of the bridge loans that were borrowed to finance in part its acquisition of Merck KGaA's generics business.

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:12/8/2016)... ... December 08, 2016 , ... Russ DiGilio ... the first national #QuackGivesBack campaign which supported local breast cancer organizations during National ... Quack Gives Back initiative, and we’re very pleased with the participation ...
(Date:12/8/2016)... ... December 08, 2016 , ... With the increasing demand for dental ... Your Mouth?” (WIYM) campaign to inform dentists and patients about the safety issues related ... and prosthetic market in the U.S. is projected to reach $6.4 billion in 2018 ...
(Date:12/8/2016)... ... December 08, 2016 , ... Catalent Pharma Solutions, ... biologics and consumer health products, today announced that it had joined the Pharmaceutical ... a non-profit organization to unite pharmaceutical and healthcare companies that share a vision ...
(Date:12/8/2016)... ... December 08, 2016 , ... ... Care Act. Dr. Botelho advocates for the mass media launching of story movements ... ongoing opportunities to share their unfortunate experiences; such a movement can generate the ...
(Date:12/8/2016)... ... December 08, 2016 , ... Peter Zipp Insurance, an ... around the greater Phoenix metropolitan region, is announcing a charity event to provide ... the Homeless Youth Connection is to promote community awareness of the ongoing needs ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... 8, 2016 Research and Markets has announced ... their offering. ... The global chromatography market to grow at a ... Market 2016-2020, has been prepared based on an in-depth market analysis with ... growth prospects over the coming years. The report also includes a discussion ...
(Date:12/8/2016)... , December 8, 2016 ... "Sugar-Based Excipients Market by Product (Actual Sugars, Sugar ... (Filler & Diluent, Tonicity Agents), Formulation (Oral, Topical, ... MarketsandMarkets, the market has witnessed healthy growth during ... at a CAGR of 4.3% between 2016 and ...
(Date:12/8/2016)... , Dec. 8, 2016  Agenovir Corporation, a ... novel antiviral therapeutics, today announced that it appointed ... officer and a member of the board of ... executive with a deep background in both founding ... founder of Agenovir, co-president of Chan Zuckerberg  Biohub ...
Breaking Medicine Technology: