Bergen Brunswig Will Redeem Debt Securities Due 2004 for Cash or Stock
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ORANGE — Bergen Brunswig Corp. said Thursday that it will redeem on Feb. 10 all of its debt securities due 2004.
The Orange-based pharmaceutical distributor said it will take a $2.5-million charge to its earnings for its second quarter ending Feb. 28 to pay the cost of redeeming the notes early.
The notes will be redeemed at a price of $458.08 for every $1,000 face value. Holders of the notes now can convert each $1,000 of notes for 16.474 shares of the company’s common stock, which at present prices would have a value of about $360.
Bergen Brunswig will pay for the redemption of the securities with $216 million in proceeds it made from the recent sale of other notes.
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