By Sheri Kasprzak
New York, Aug. 7 - NPS Pharmaceuticals, Inc. concluded a $50 million private placement of convertible notes.
Funds managed by Visium Asset Management, LLC bought the 5.75% notes, which are due 2014.
The notes are convertible into common shares at $5.44 each, a 30% premium to the five-day volume weighted average price of the company's stock between July 31 and Aug. 6.
Proceeds from the deal will be used to retire part of its outstanding 3% convertible notes due June 2008.
Located in Parsippany, N.J., NPS develops small molecules and recombinant proteins to treat metabolic, bone and mineral and central nervous system diseases.
| Issuer: | NPS Pharmaceuticals, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $50 million
|
| Maturity: | 2014
|
| Coupon: | 5.75%
|
| Price: | Par
|
| Yield: | 5.75%
|
| Conversion price: | $5.44
|
| Warrants: | No
|
| Investor: | Funds managed by Visium Asset Management, LLC
|
| Settlement date: | Aug. 6
|
| Stock symbol: | Nasdaq: NPSP
|
| Stock price: | $4.08 at close Aug. 6
|
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