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Depomed Announces Offering of $230 Million Convertible Senior Notes Due 2021
Date:9/2/2014

NEWARK, Calif., Sept. 2, 2014 /PRNewswire/ -- Depomed, Inc. (Nasdaq: DEPO) today announced that it intends to offer, subject to market and other conditions, $230 million aggregate principal amount of Convertible Senior Notes due 2021 (the "Notes"). Depomed, Inc. ("Depomed") expects to grant the underwriters in the offering a 30-day option to purchase up to an additional $34.5 million aggregate principal amount of the Notes. Morgan Stanley & Co. LLC and RBC Capital Markets, LLC will act as joint book-running managers for the offering. Depomed intends to use the net proceeds of the offering for working capital and other general corporate purposes and potential acquisitions and strategic transactions.  There are currently no agreements or understandings with respect to any such acquisition or strategic transaction.

The Notes are expected to pay interest semi-annually and will be convertible into cash, shares of Depomed's common stock or a combination of cash and shares of Depomed's common stock, at Depomed's election.  The Notes will mature on September 1, 2021, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date.  Depomed may redeem some or all of the notes for cash under certain circumstances on or after September 5, 2019.  Prior to March 1, 2021, the Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date.  The interest rate, initial conversion rate and certain other pricing terms of the Notes will be determined at the time the offering is priced by Depomed and the underwriters.

The Notes are being offered pursuant to an effective shelf registration statement (including a base prospectus) that has been filed with the Secur
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SOURCE Depomed, Inc.
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