Cell Therapeutics (CTIC) Reports Preliminary Results of Fixed Price Offering of $118.9M in Convertible Notes Outstanding
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Cell Therapeutics, Inc. (Nasdaq: CTIC) today announced the preliminary results of its separate concurrent fixed price exchange offers for any and all of the approximately $118.9 million outstanding principal amount of five series of its convertible notes. The Exchange Offers expired at 5:00 p.m., New York City time, on Tuesday, June 16, 2009.
In accordance with the terms and conditions of the Exchange Offers, and based on the preliminary count by U.S. Bank National Association, the depositary for the Exchange Offers, the Company expects to accept for exchange approximately $54.8 million aggregate principal amount of the Notes for the previously announced exchange consideration of (i) $134.50 cash, and (ii) 458 shares of common stock per $1,000 principal amount of Notes validly tendered and not withdrawn in each Exchange Offer, for a total amount of exchange consideration (excluding interest, fees and other expenses in connection with the Exchange Offers) of approximately $7.4 million cash and approximately 25.1 million shares of common stock.
The approximately $54.8 million aggregate principal amount of Notes to be exchanged includes approximately $5.9 million principal amount of Notes tendered by notice of guaranteed delivery. Noteholders who tendered their Notes by delivering a notice of guaranteed delivery prior to the expiration of the Exchange Offers must deliver the related Notes and required documents to the depositary within three business days of their execution of the notice of guaranteed delivery.
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