QLT Inc redeems 3% convertible senior notes due 2023

Aug 12, 2008 (M2 EQUITYBITES via COMTEX) -- QLTI | Quote | Chart | News | PowerRating -- QLT Inc (NASDAQ: QLTI | Quote | Chart | News | PowerRating) (TSX: QLT), a biopharmaceutical company, reported on 11 August that it is exercising its right to redeem all the USD172.5m outstanding principal amount of its 3% convertible senior notes due 2023 on 15 September 2008.

The redemption price for the notes is 100% of the principal amount, plus accrued and unpaid interest until, but not including, 15 September 2008.

The company said that the interest is due and payable on 15 September 2008 and will be paid on that date to holders at the close of business on 1 September 2008.

The notes may be converted at any time before 5:00 pm, New York City time, on 12 September 2008. According to QLT Inc, the notes are convertible into the common shares of the company at a rate of 56.1892 common shares per USD1,000 principal amount of notes, which is equal to a conversion price of approximately USD17.80 per common share.

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