Par Pharmaceuticals buys $30.8M in senior notes due 2010, or 39 pct of outstanding principal

Par Pharma buys back $30.8M in senior notes

WOODCLIFF LAKE, N.J. — Par Pharmaceuticals Cos. said Wednesday it bought $30.8 million in senior notes through a tender offer.

Earlier this month, the company had offered to buy back up to $65 million in convertible senior notes due 2010. That would have made up about 83 percent of the convertible notes, but only $30.8 million were offered and not withdrawn. That is around 39 percent of the principal amount outstanding.

In afternoon trading, Par shares rose 31 cents to $24.38. Earlier they set an annual high of $24.60.