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Convertible Notes Gain Steam As Vehicle For Nontypical Buyers

By Randall Osborne

Monday, June 23, 2003
Forget the "open window" metaphor. Call it financing with the top down. Convertible notes are increasingly popular this summer, with more than a dozen roaring down the cash highway so far in June. The list of issuers includes companies big and small, with the larger sales declared by such firms as Cephalon Inc., pricing $600 million in convertible notes, and ICOS Corp. aiming to raise $250 million.

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