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Alere gets consents for 99.3% of 7 7/8% notes, enough to amend terms
By Susanna Moon
Chicago, Dec. 12 - Alere Inc. said it received tenders for $248,145,000, or about 99.3%, its $250 million outstanding principal amount of 7 7/8% senior notes due 2016 by the consent payment deadline at 5 p.m. ET on Dec. 10.
The company received more than enough consents to amend the notes and executed a supplemental indenture that eliminates substantially all of the restrictive covenants and events of default, according to a press release.
As noted before, the total purchase price will be $1,049.43 per $1,000 principal amount of notes, including a $30.00 consent payment for notes tendered by the consent date.
The tender offer will continue until 11:59 p.m. on Dec. 26. The offer began on Nov. 27.
Holders who tender their notes after the early deadline will receive $1,019.43 per $1,000 principal amount, or the total payment less the consent payment.
The offer is contingent on the completion of a capital markets debt offering with enough proceeds to fund the tender offer, consents from a majority in principal amount of notes and the execution of an amendment to the notes, all of which have been satisfied.
On Nov. 28 Alere priced $450 million of senior notes due July 1, 2018 at par to yield 7¼%, as reported by Prospect News.
Jefferies & Co., Inc. (888 708-5831 or call collect 203 708-5831) is the dealer manager and solicitation agent. The tender agent and information agent is i-Deal LLC (888 593-9546 or 212 849-5000 for brokers and bankers).
Waltham, Mass.-based Alere develops systems for near-patient diagnosis, monitoring and health management in the fields of cardiology, women's health, infectious disease, oncology and toxicology.
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