Vertex swaps $103.3 million in notes for stock

Vertex Pharmaceuticals Inc. said it will swap $103.3 million of its convertible notes for common stock.

The Cambridge company said holders of its 4.75 percent convertible senior subordinated notes due 2013 agreed to exchange the notes for about 4.8 million shares of common stock. That's about 287,000 shares more than the number of shares into which the notes were convertible under their original terms, the company said.

The company expects the exchange to be complete on June 10. The 4.75 percent convertible senior subordinated notes due 2013 will be reduced to about $184.2 million.

After the swap, the company will have about 178 million shares outstanding.

Shares of Vertex fell 32 cents to $30.46 in afternoon trading. (AP)