CLARIFICATION of BW1847, BIOVAIL-CORPORATION from Nov. 16; Biovail Closes U.S. $125 Million Senior Note Offering.TORONTO, Canada--(BW HealthWire)--Nov. 17, 1998-- Biovail Corporation International clarifies that the $125 million Senior Note Offering is in "U.S." funds. Revised release follows... Biovail Corporation International (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF) confirmed that it consummated an offering pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. under the Securities Act of 1933, as amended (the "Securities Act") of U.S. $125 million aggregate principal amount of its 10 7/8% Senior Notes due November 15, 2005. Net proceeds from the Company's initial debt offering will be used for the repayment of existing debt and for general corporate purposes, which may include the acquisition of additional products or technologies or other strategic investments and which may also include repurchases of Biovail common shares. The Senior Notes were sold in reliance on exemptions from registration under the Securities Act. The Notes have not been registered under the Securities Act upon initial issuance and may not be offered or sold in the United States absent registration under the Securities Act or an exemption from the registration requirements of the Securities Act. Separately, the Board of Directors has authorized an increase in the Company's previously announced Stock-Repurchase Program from 5% to 10% of its issued and outstanding common stock, depending on market conditions and other factors. The common stock will be purchased through open market transactions on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in accordance with applicable rules and regulations. As of September 30, 1998, the Company had approximately 26.4 million common shares outstanding. Biovail Corporation International is an International full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor" statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and TPD TPD Tons Per Day TPD Therapeutic Products Directorate TPD Total and Permanent Disablement (insurance) TPD Temperature Programmed Desorption TPD Temporary Partial Disability (insurance) approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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