Summary
Vertex Pharmaceuticals Incorporated filed an 8-K on February 1, 2007, primarily to report its 2006 financial results and to announce the redemption of its 5.75% Convertible Senior Subordinated Notes due 2011. The company will redeem the outstanding $59.6 million in notes on March 5, 2007, from existing cash reserves. Investors have a window until March 2, 2007, to convert these notes into Vertex common stock at a conversion price of $14.94 per share, which could result in the issuance of approximately 4 million shares.
Key Highlights
- 1Vertex Pharmaceuticals reported its consolidated financial results for the year and quarter ended December 31, 2006, via a press release filed as Exhibit 99.1.
- 2The company announced the redemption of its outstanding $59.6 million aggregate principal amount of 5.75% Convertible Senior Subordinated Notes due 2011.
- 3The redemption is scheduled for March 5, 2007.
- 4Noteholders have the option to convert their notes into Vertex common stock at a conversion rate of $14.94 per share until March 2, 2007.
- 5If all outstanding notes are converted, approximately 4 million shares of common stock will be issued.
- 6The redemption will be funded by existing cash, cash equivalents, and other investments.
- 7Certain sections of the press release, specifically 'Key 2006 Achievements and 2007 Objectives' and 'Special Note Regarding Forward-Looking Statements', are incorporated by reference into the 8-K filing and are subject to Section 18 of the Exchange Act.