Genzyme Corp. said Friday that it has privately placed $100million principal amount of 6.75 percent convertiblesubordinated notes due in 2001. The notes are immediatelyconvertible by holders into common stock at $52.875 per share.
The stock (NASDAQ:GENZ) was unchanged Friday at $44.75.
Cambridge, Mass.-based Genzyme has the right to call thenotes after Oct. 1, 1993, if the market price of common stockaverages 150 percent of the conversion price for a specifiedperiod. After Oct. 1, 1994, the company can call the notes atany time.
PaineWebber Inc., Kidder, Peabody & Co. and Cowen & Co. actedas agents for the offering, which will close on or about Oct.11.
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