Amylin announces change-of-control put option for 3% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 13 - Amylin Pharmaceuticals, LLC's $575 million of outstanding 3% senior convertible notes due 2014 are putable following the acquisition of the company by Bristol-Myers Squibb Co. on Aug. 8, according to an 8-K filing with the Securities and Exchange Commission.

The repurchase price is par plus accrued interest. Convertibles put back to the company will be repurchased on Sept. 14.

In addition, the notes are no longer convertible into Amylin common stock. Instead, they are convertible into the cash amount that holders would have received had the notes been converted immediately prior to the merger.

The conversion ratio is 16.3752 Amylin shares per $1,000 principal amount of notes. Bristol-Myers Squibb acquired Amylin for $31 per share. At that price, 16.3752 Amylin shares would be worth $507.6312.

Amylin Pharmaceuticals LLC, formerly Amylin Pharmaceuticals Inc., is a San Diego-based biopharmaceutical company focused on diabetes and other metabolic diseases.

Bristol-Myers Squibb is a biopharmaceutical company based in New York.

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