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Mylan Completes $2.89 Billion of Equity Financings, Including Exercise of Overallotment Option of Mandatory Convertible Preferred Stock

Tuesday, November 20, 2007 General News
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PITTSBURGH, Nov. 19 Mylan Inc. (NYSE: MYL)announced that it completed the sale of 2.14 million shares of 6.50% mandatoryconvertible preferred stock at $1,000 per share and 53.5 million shares ofcommon stock at $14 per share pursuant to a shelf registration statementpreviously filed with the Securities and Exchange Commission. The amounts soldinclude 279,000 shares of preferred stock issued pursuant to the underwriters'exercise of the overallotment option.
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The offerings generated net proceeds, after underwriting discounts andexpenses, totaling approximately $2.8 billion, which will be used to prepay aportion of the bridge loans that were borrowed to finance in part itsacquisition of Merck KGaA's generics business.
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The preferred stock will pay, when declared by the Board of Directors,dividends at a rate of 6.50% percent per annum on the liquidation preferenceof $1,000 per share, payable quarterly in arrears in cash, shares of Mylancommon stock or a combination thereof at Mylan's election. The first dividenddate will be February 15, 2008.

Each share of preferred stock will automatically convert on November 15,2010, into between approximately 58.5480 shares and 71.4286 shares of MYLcommon stock. The conversion rate will be subject to anti-dilutionadjustments in certain circumstances. Holders may elect to convert at anytime at the minimum conversion rate of 58.5480 shares of common stock for eachshare of preferred stock. The preferred stock is listed on the New York StockExchange under the symbol MYLPrA.

After giving effect to these offerings, MYL will have approximately 302million shares of common stock outstanding.

The joint book-running managers for the preferred stock and common stockofferings are Merrill Lynch & Co. and Goldman, Sachs & Co. Merrill Lynch &Co. is acting as sole global coordinator for all financings for Mylan. Co-managers for the common stock offering are Citi, JPMorgan and Cowen andCompany. Co-managers for the preferred stock offering are Citi, JPMorgan,Cowen and Company, Banc of America Securities LLC and Mitsubishi UFJSecurities.

Copies of the prospectuses related to the offerings may obtained fromMerrill Lynch & Co., 4 World Financial Center, New York, NY 10080, Attention:Prospectus Department or from Goldman, Sachs & Co., 85 Broad Street, New York,NY 10004, Attention: Prospectus Department, Fax: 212-902-9316 or email [email protected].

This press release does not and shall not constitute an offer to sell or asolicitation of an offer to buy any of the securities, nor shall there be anysale of these securities in any state or jurisdiction in which such an offer,solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of any jurisdiction.

This press release contains statements that constitute "forward-lookingstatements", including with regard to the Company's planned securitiesofferings. These statements are made pursuant to the safe harbor provisions ofthe Private Securities Litigation Reform Act of 1995. Because such statementsinherently involve risks and uncertainties, actual future results may differmaterially from those expressed or implied by such forward-looking statements.Factors that could cause or contribute to such differences include, but arenot limited to: the prevailing conditions in the public capital markets;significant fluctuations in interest rates or inflation; economic recession;economic, political and market factors affecting trading volumes, securitiesprices or demand for the Company's stock; and the other risks detailed in theCompany's prospectus supplements and in periodic filings filed by the Companywith the Securities and Exchange Commission. The Company undertakes noobligation to update these statements for revisions or changes after the dateof this release.

SOURCE Mylan Inc.
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