Wyeth offers to purchase outstanding convertible debentures

Wyeth has said it will purchase convertible debentures at a cash price of $1,000 (611 pounds) per $1,000 principle amount at the maturity of the units.

It announced any holders of the stocks that are due in 2024 have the right to submit them for the company to purchase on July 15th 2009.

Anyone who sells their units will be eligible to receive accrued and unpaid interest up until the date they are bought by the firm.

The principle amount of convertible debentures outstanding was $787,803,000 as of June 12th 2009.

Wyeth asserted the offer will only be open to those on record of holding the stocks on July 1st.

Earlier this month, the company declared a dividend of $0.30 per share on the outstanding units of common stock.

Shareholders on record at the end of business on August 13th will be entitled to the payout, which will be distributed on September 1st.

As one of the world’s largest research-driven healthcare and pharmaceutical firms, Wyeth discovers, develops, manufactures and markets drugs, vaccines, biotechnology products, nutritionals and non-prescription medicines.