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Enzon Pharmaceuticals Prices $225 Million of Convertible Senior Notes
Martin C. Daks
NJBIZ Staff
5/18/2006
Enzon Pharmaceuticals said today that it has set a $225 million price on a previously announced offering of convertible senior notes, or debt that can be converted to stock. The securities yield 4% and are due 2013. The initial buyers of the notes were also granted an option to buy an additional $50 million of the securities that can be converted into Enzon common stock at $9.55 per share. Early this morning Enzon stock traded at $7.59, well above its 52-week low of $5.70, but below its one-year high of $9.28. Enzon plans to use the proceeds from the offering to acquire outstanding 4.5% notes due 2008. The Bridgewater-based biopharmaceutical company focuses on developing and commercializing therapeutics to treat cancer and other diseases. Shares of Enzon (Nasdaq: ENZN) stock dipped 13 cents to $7.51 this morning.
Enzon Pharmaceuticals Prices $225 Million of Convertible Senior Notes
Martin C. Daks
NJBIZ Staff
5/18/2006
Enzon Pharmaceuticals said today that it has set a $225 million price on a previously announced offering of convertible senior notes, or debt that can be converted to stock. The securities yield 4% and are due 2013. The initial buyers of the notes were also granted an option to buy an additional $50 million of the securities that can be converted into Enzon common stock at $9.55 per share. Early this morning Enzon stock traded at $7.59, well above its 52-week low of $5.70, but below its one-year high of $9.28. Enzon plans to use the proceeds from the offering to acquire outstanding 4.5% notes due 2008. The Bridgewater-based biopharmaceutical company focuses on developing and commercializing therapeutics to treat cancer and other diseases. Shares of Enzon (Nasdaq: ENZN) stock dipped 13 cents to $7.51 this morning.
posted by Jones Lang LaSalle NJ News Blog at 1:55 PM
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