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Exhibit 99.1
For Immediate Release
Contacts:
Vince Barella Jim Kent
Manager, Vice President, Treasurer
Corporate Communications & Treasury
Investor Relations (510) 923-2717
(510) 923-2138
CHIRON CALLS FOR REDEMPTION OF
1.90 PERCENT CONVERTIBLE BOND
EMERYVILLE, CA SEPTEMBER 8, 2000 - Chiron Corporation (Nasdaq: CHIR) announced
today that it has called for redemption all of its $243.8 million, 1.90%
convertible bonds due November 17, 2000. The redemption date for these bonds is
October 11, 2000.
The redemption price for each $1,000 principal amount of the bonds will equal
$1,004.98, which includes accrued interest up to the redemption date of $7.60.
The amount to be redeemed will be paid to the holders upon presentation and
surrender of the notes at State Street's Corporate Trust Office. As an
alternative to redemption, bondholders may elect to convert into shares of
Chiron common stock at a conversion rate of 34.5924 shares for each $1,000
principal amount of bonds held (plus cash in lieu of fractional shares, for an
effective conversion price of $29.05). Bondholders' right to convert into shares
will expire at the close of business on October 10, 2000.
Delivery instructions for the redemption and conversion will be included in the
notice of redemption, which will be delivered to bondholders by the trustee.
Questions about redemption and conversion of the notes may be directed to:
Paula Oswald
State Street Bank and Trust Company of California
(213) 362-7338
About Chiron
Chiron Corporation, headquartered in Emeryville, California, is a leading
biotechnology company that participates in three global healthcare markets:
biopharmaceuticals, vaccines, and blood testing. The company is applying a broad
and integrated scientific approach to the development of innovative products for
preventing and treating cancer, infection and cardiovascular disease. For more
information about Chiron, visit the company's web site at http://www.chiron.com.
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CHIRON CALLS FOR REDEMPTION OF 1.90 PERCENT CONVERTIBLE BOND
PAGE TWO
This news release contains forward-looking statements that involve risks and
uncertainties. A full discussion of Chiron's operations and financial condition,
including factors that may affect its business and future prospects, is
contained in documents the company files with the SEC, such as Form 10-Q and
Form 10-K. These documents identify important factors that could cause the
company's actual performance to differ from current expectations, including the
outcome of clinical trials, regulatory review, manufacturing capabilities and
marketing.
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