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Depomed pays promissory note due Elan; Depomed reduces interest expenses and retires convertible security.
(From Chemical Business NewsBase - Press Release)
Depomed Inc has fulfilled its loan obligation to Elan Pharma International Ltd (Elan) with an early lump sum payment of $9.1 M. The loan was not due until Jan 2006 with a projected balance due of $11.3 M at maturity. Elan agreed to accept early payment and retire the loan, including the common stock conversion feature associated with it. The loan was convertible into 1.5 M shares of Depomed common stock. In addition to the amount paid to Elan, Depomed paid a fee to financial consultants who advised the company on the …
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