SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 1996
ICN Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
Delaware 1-11397 33-0628076
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification Number)
Incorporation)
3300 Hyland Avenue, Costa Mesa, California 92626
(Address of principal executive offices)
Registrant's telephone number, including area code: (714) 545-0113
(Former name or former address, if changed since last report): N/A
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Item 5: Other Events
ICN PHARMACEUTICALS ISSUES $50 MILLION IN CONVERTIBLE PREFERRED STOCK TO
FINANCE MAJOR EXPANSION PROGRAM
COSTA MESA, Calif., Oct. 15, 1996--ICN Pharmaceuticals, Inc. (NYSE:ICN)
announced today that it has issued $50 million in convertible preferred stock to
fund acquisitions to expand the Company's U.S. core business lines, as well as
its expansion in the fast growing and newly emerging pharmaceutical markets of
Eastern Europe and Asia.
The preferred stock has a 6 percent annual dividend that is payable quarterly.
The Company has the option to pay the dividend in either cash or common stock of
the Company. It is convertible at the option of the holders into common stock
based on a conversion price calculated using the average daily low for the five
trading days preceding the conversion date and applying a discount generally
ranging from 3 percent initially to 9 percent. The aggregate amount of preferred
shares that can be converted within the first two six-month periods following
issuance of the preferred stock is restricted. The preferred stock is also
mandatorily convertible into common stock on the fifth anniversary of its
issuance (subject to extension under certain circumstances). Dividends paid in
common stock are determined on the same basis. The preferred stock was issued as
a private placement.
Key acquisitions include Leksredstva (Russia), Alkaloida (Hungary), Siemens
(U.S.), and Wuxi (Peoples Republic of China).
Date: /s/ David C. Watt
--------------------------------
DAVID C. WATT
Executive Vice President -
General Counsel and Corporate
Secretary