Sepracor Sets $400 Million Convertible Offering

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plans to issue $400 million of convertible subordinated notes in a private placement due 2006.

The notes will be convertible into Sepracor common stock and the size of the offering could increase to $500 million if the initial purchaser decides to buy more notes.

The pharmaceutical company will use proceeds for working capital and general corporate purposes. Shares of Sepracor closed up 41 cents on the Nasdaq on Wednesday to $52.06.