SkyePharma renegotiates convertible bonds for L18.4M
The UK's SkyePharma says it has completed negotiations of new terms for its convertible bonds due 2024 and 2025. In return for a gross sum of L18.4 million ($31.9 million), investors may now call for repayment as early as November 2012 and December 2014, respectively. In addition, the conversion prices have been reset to L3.71 for the former and L3.82 for the latter. The firm says this is the last step in its restructuring and it now plans to have lead product Flutiform on the US and European markets by 2010.
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