New Issue: Ivax sells $283 million convertible at 1.875%, up 31.5%, reoffered at 98.5

Nashville, Dec. 17 - Ivax Corp. sold $283 million of 20-year convertible senior notes with a 1.875% coupon and 31.5% initial conversion premium via sole bookrunner UBS Investment Bank, which reoffered the bonds at 98.5.

The Miami-based drug company said proceeds were earmarked to redeem its 4.5% convertibles due 2008.

Terms of the deal are:

Issuer:	Ivax Corp.
Issue:	Convertible senior notes
Bookrunners:	UBS Investment Bank
Amount:	$283 million
Greenshoe:	$50 million
Maturity:	Dec. 15, 2024
Coupon:	1.875%
Price:	Par
Reoffer price:	98.5
Yield:	1.875%
Conversion premium:	31.5%
Conversion price:	$20.78
Conversion ratio:	48.1301
Contingent conversion:	120%
Contingent payment:	120%
Net share settlement:	Yes
Dividend protection:	Yes
Takeover protection:	Yes
Call:	Non-callable for 6 years
Put:	In years 6, 10 and 15
Pricing date:	Dec. 16, after market close
Settlement date:	Dec. 22
Distribution:	Rule 144A

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