FREMONT, Calif., July 19, 2005 /PRNewswire-FirstCall via COMTEX/ -- Scios Inc. announced today that it has exercised its right to redeem all of its outstanding $150,000,000 original principal amount of 5.50% Convertible Subordinated Notes due 2009 (the "Debentures") on August 19, 2005, the redemption date.
The redemption price is 103.143% of the principal amount of the Debentures or $1,031.43 per $1,000 principal amount of Debentures, with accrued interest to, but excluding, the date of redemption. The Trustee, Wells Fargo Bank N.A., will notify holders of the Debentures of specific instructions regarding the redemption of the Debentures.
A holder of the Debentures may convert each $1,000 principal amount of Debentures into $1,145.04 in cash, without interest, at any time prior to the close of business on August 18, 2005, the day prior to the redemption date, by following the provisions set forth in the Debentures and in the indenture for the Debentures.
If a Debenture is converted during the period from, and including, August 2, 2005 (the day following the record date for the next payment of interest on the Debenture), to, and including, August 14, 2005 (the day before the date of the next interest payment on the Debenture), the Debenture, when surrendered for conversion, must be accompanied by a payment in an amount equal to the interest payable to the registered holder of the Debenture on August 15, 2005. Accordingly, if a record date holder of a Debenture desires to convert its Debenture and to receive the interest payment on August 15, 2005, without any obligation to make a payment to the company of an equal amount, then the holder should convert its Debenture during the period from, and including, August 15, 2005, to, and including, August 18, 2005.
Scios Inc. issued these Debentures in 2002 in an aggregate principal amount of $150 million. Scios Inc. is a wholly owned subsidiary of Johnson & Johnson (NYSE: JNJ).
SOURCE Johnson & Johnson; Scios Inc.
Media, Marc Monseau, +1-732-524-1130, or Investors, Helen E. Short, +1-732-524-6491, or Stan Panasewicz, +1-732-524-2524
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