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Pernix holders agree to convert all $65 million 8% notes due 2019
By Marisa Wong
Madison, Wis., April 17 – Pernix Therapeutics Holdings, Inc. entered into an agreement on April 16 with all of the holders of its $65 million of 8% convertible senior notes due 2019 to convert the securities into stock.
The holders also agreed to the removal of substantially all of the restrictive covenants in the indenture governing the 8% convertibles, according to an 8-K filing with the Securities and Exchange Commission.
The holders will receive a total of 2,338,129 shares of common stock.
Pernix priced a new offering of $130 million of 4.25% convertible senior notes due 2021 after the close on Thursday.
As announced on April 13, Pernix is also currently seeking consents for proposed amendments to the indenture governing its 12% senior secured notes due 2020.
The amendments to the 12% notes would allow the company to incur additional debt to the extent it ratably reduces the outstanding amount of its 8% convertibles, provided that the additional debt does not exceed $42.2 million, according to a prior press release.
The specialty pharmaceutical company is based in Morristown, N.J.
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