Pharmaceutical company AtheroGenics, Inc. announced Wednesday that it has restructured an additional $17.5 million of its remaining 2008 convertible debt.
With the completion of this transaction, the company's original $100 million of 2008 convertible debt has been reduced to $30.5 million, it said in a statement.
Financial flexibility
Under the terms of the restructuring, $17.5 million of notes due in 2008 were exchanged for $5.5 million in cash and $11.5 million of the company's 4.5 percent convertible notes due March 1, 2011.
Mark P. Colonnese, Executive Vice President of Commercial Operations and Chief Financial Officer at AtheroGenics said that the restructuring would provide it with “greater financial flexibility.”
January 09, 2008
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