IMPAX TO SELL $75 MILLION IN BONDS

Impax Laboratories of Hayward said recently that it has entered into a definitive agreement to sell $75 million in bonds to help cover a debt it defaulted on when it failed to file its annual report. The generic drug maker said it is selling $75 million in 3.5 percent convertible senior subordinated debentures due in 2012 in a private placement. The net proceeds, along with the company's existing cash, are being used to repay $95 million in 1.25 percent convertible senior subordinated debentures that were due in 2024.

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