Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Teva Pharmaceutical Industries Ltd. > News item |
Teva extends convertibility of 0.5%, 0.25% convertibles to Tuesday
By Angela McDaniels
Tacoma, Wash., June 24 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance II, LLC said the period of convertibility for its 0.5% series A convertible senior debentures due 2024 and 0.25% series B convertible senior debentures due 2024 has been extended to the close of business on June 30 from June 26.
The conversion ratio is 26.8391 American Depositary Receipts for each series A debenture and 28.8529 ADRs for each series B debenture.
The conversion ratios are equivalent to a conversion price of $37.26 for the series A debentures and $34.66 for the series B debentures.
The company's ADRs closed at $47.38 (Nasdaq: TEVA) on Wednesday.
The company issued notices of convertibility for the debentures on June 18. The conversion rights were triggered by the debentures trading at an average price over 10 trading days that was less than 98% of the average of the conversion values for that period.
The conversion period was originally set to end June 23 and has been extended three times.
Teva makes generic and human pharmaceuticals as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.