Oscient Pharmaceuticals Corporation
Oscient Pharmaceuticals Extends Maturity of its Privately Placed 5% Convertible Promissory Notes
Published in Healthcare Finance, Tax and Law Weekly, February 11th, 2009
Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) announced that it has extended the February 6, 2009 maturity date of approximately $13 million principal of convertible debt, plus $4 million of accrued interest, to December 1, 2009. The amendment to the agreement, which has been executed with holders of approximately 99% of the 2009 notes, reduces the conversion price to $1.10 per share and includes a provision for optional exchange into the Company’s 12.50% Convertible Guaranteed Senior Notes due 2011 at the election of the noteholder.
“This amendment to extend the maturity of this debt provides us with additional flexibility to further recalibrate our balance sheet...
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