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Alere calls $875 million of 7¼%, 6½% notes at buyout closing by Abbott
By Susanna Moon
Chicago, Oct. 3 – Alere Inc. issued a call for its $450 million of outstanding 7¼% senior notes due 2018 after being acquired by Abbott Laboratories on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
Alere said it also issued a redemption notice for its $425 million of outstanding 6½% senior subordinated notes due 2020.
Each series of notes will be redeemed on Nov. 2.
Also related to the acquisition, Alere issued a contingent call on Aug. 28 for its $425 million of 6 3/8% senior subordinated notes due 2023, with the redemption date set for between Sept. 24 and Oct. 24.
Holders will receive a price calculated using a make-whole formula and a discount rate of Treasuries plus 50 basis points, according to a previous notice. Alere will also pay accrued interest up to but excluding the redemption date.
Abbott is an Abbott Park, Ill., health care company with offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.
Alere is a provider of rapid diagnostic tests based in Waltham, Mass.
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