Cephalon seeking $800M note deal

CEPH proposed to raise $800 million through the sale of convertible senior subordinated notes. The notes mature in 2015, bear 1.5-2% interest and convert into stock at a 10-14% premium to CEPH's price when the deal closes. Deutsche Bank will be the sole book-running manager. CEPH plans to use a portion of the proceeds to purchase its outstanding 2.5% convertible subordinated notes that are due in December 2006. ...