Alza Corp. said Thursday it has raised about $285 million through anoffering of Liquid Yield Option Notes (LYON) at an interest rate of5.25 percent.The LYONs, which are zero coupon subordinated notes and areconvertible to Alza common stock, will have a face value of $825million upon maturity in 20 years.The company said it will use $250 million to retire outstandingcommercial debt. The remaining $35 million will be used for generalcorporate purposes. The LYONs were sold at $354.61 per $1,000 ofprincipal at maturity. The stock conversion rate is nearly 13 shares perLYON.Alza, a drug delivery firm based in Palo Alto, Calif., said the offeringcompletes a refinancing, which began last fall, of long-term debt at alower interest rate._ Charles Craig
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