ARTICLE | Financial News

CVTX raises $125 million

May 13, 2004 7:00 AM UTC

CV Therapeutics (CVTX) raised $125 million in a bumped-up private placement of senior subordinated convertible notes. The notes bear 2.75% interest, mature in 2012 and will convert in to CVTX stock at about $17.68, a 27% premium to the company's Wednesday close of $13.87. CVTX may redeem all or part of the notes after May 20, 2009. The company said it will use part of the proceeds to buy back $71.6 million in outstanding 4.75% convertible subordinated notes due 2007. On Tuesday, CVTX proposed to raise $100 million. The deal has a $25 million overallotment. ...