Forever Indebted?

Company Date completed Raised (M) Conversion price 5/19 close Price delta Coupon Annual nut ($M)

Convertible note deals sold between Jan. 1 and March 14, when the biotech correction was triggered by President Clinton and Prime Minister Tony Blair, who issued a statement that raw genomic data should be freely available (see BioCentury Extra, Tuesday March 14, and BioCentury, March 20). It will cost the group $199.9 million annually to service the $3.94 billion of debt sold during that period, assuming the notes remain unconverted. Note: Annual nut = coupon rate x amount raised