Mylan Inc closes offering of cash convertible note due 2015

Tue. September 16, 2008; Posted: 05:12 AM

Sep 16, 2008 (M2 EQUITYBITES via COMTEX) -- MYL | Quote | Chart | News | PowerRating -- Mylan Inc (NYSE: MYL), a provider of generic and branded products, declared on 15 September the sale of USD575m of 3.75% cash convertible notes due 2015, which includes the sale of USD75m of notes, following the initial purchasers' exercise of their over allotment option. According to the company, the notes, which are unsecured, will pay interest semi-annually at a rate of 3.75% per annum and will mature on 15 September 2015. The notes are convertible under certain circumstances into cash at an initial conversion reference rate of 75.0751 shares of its common stock per USD1,000 principal amount of notes. The notes are not convertible into common shares or any other securities. Mylan Inc said that it raised net proceeds, after deducting the initial purchasers' discount and estimated offering expenses, of approximately USD560.6m. The company also stated that approximately USD98.6m of the proceeds will be used to fund the net cost of its previous convertible note hedge and warrant transactions. The remaining is expected to be used to pay down outstanding borrowings under it senior secured revolving credit facility and its senior secured term loan facilities.

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For full details on Mylan Inc (MYL) click here. Mylan Inc (MYL) has Short Term PowerRatings of 7. Details on Mylan Inc (MYL) Short Term PowerRatings is available at This Link.

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