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Cephalon to Offer $800 Million in Convertibles

June 2, 2005

Cephalon said it plans to offer $800 million in convertible senior subordinated notes due in 2015 through a public offering. The annual interest rate on the notes is expected to be between 1.5 percent and 2 percent, and the conversion price is expected to be between 10 percent and 14 percent above the last reported bid price of Cephalon common stock. The notes will be subordinate to existing and future senior indebtedness and senior to existing and future subordinated indebtedness of Cephalon.

()a href="http://www.reuters.com/newsArticle.jhtml?storyID=8670230" target="_blank">Reuters