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Life Technologies to Redeem $350M in Senior Notes

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Life Technologies said after the close of the market Wednesday that it plans to redeem all of the outstanding 2 percent convertible senior notes due 2023.

The firm said that as of June 30, there was $349,544,000 in aggregate principal amount of the notes outstanding. The notes are convertible any time before 5:00 PM Eastern Time on Aug. 5, 2010, at a rate of 29.3094 shares of common stock per $1,000 principal amount of the notes surrendered.

Life Technologies said that it would settle the surrendered notes in cash and stock in accordance with the provisions of the indentures.

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