Alere begins tender, consent bid for $400 million 9% notes due 2016

By Susanna Moon

Chicago, May 13 - Alere Inc. said it began a cash tender offer and consent solicitation for its outstanding $400 million principal amount of 9% senior subordinated notes due 2016.

The total purchase price will be $1,050 for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 23, the consent date.

The total payment includes a consent premium of $30 per $1,000 principal amount.

Those who tender after the consent date will receive $1,020 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date.

Holders may not tender notes before the withdrawal deadline without delivering consents, and holders may not give their consents without tendering their notes, according to a company press release.

The tender offer will end at 11:59 p.m. ET on June 7.

The company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default.

Holders of a majority of the notes must consent to the amendments to the notes under the solicitation.

The tender offer and consent solicitation are conditioned on completing of a capital markets debt offering with enough proceeds to fund the offer.

Goldman Sachs & Co. (800 828-3182 or collect 212 357-6436) is the dealer manager and solicitation agent. i-Deal LLC (888 593-9546 or brokers and bankers 212 849-3880) is the tender agent and information agent.

Alere is a Waltham, Mass.-based provider of near-patient diagnosis, monitoring and health management.

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