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Akorn, a US niche pharmaceutical firm, has raised $120 million in debt by selling 3.5% convertible senior notes due in 2016. The debt will convert initially at a price of $8.76 per share of common stock, which is a 34% premium to the company's closing share price of $6.49 on 3 June. Akorn estimates that the net proceeds from the sale of the notes will be about $115.3 million (after expenses).
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