Fisher noteholders issued conversion rights with upcoming merger

By Jennifer Chiou

New York, Sept. 29 - Thermo Electron Corp. and Fisher Scientific International Inc. announced they provided conversion-right notices to the holders of Fisher's 2.5% convertible senior notes due 2023, floating-rate convertible senior debentures due 2033 and 3.25% convertible senior subordinated notes due 2024.

The current conversion prices are $47.46 per share of Fisher common stock for the 2.5% notes, $59.09 per Fisher share for the floaters and $80.40 per share for the 3.25% convertibles.

Beginning Oct. 2, noteholders have until 15 calendar days after the effective merger date to convert their securities.

Their right to convert the securities is a result of the planned merger between Thermo and Fisher, expected to wrap in the fourth quarter following regulatory approval.

On Aug. 30, stockholders of both companies voted to approve the merger.

After the merger date, those who surrender their notes will be entitled to receive cash representing the principal amount of notes and/or the corresponding number of Thermo shares representing the in-the-money portion of the notes, based on the exchange ratio in the merger of 2 shares of Thermo common stock for each share of Fisher common stock.

As successor to J.P. Morgan Trust Co. NA, The Bank of New York (212 623-5782, Francine Springer) is the trustee for the 2.5% notes and 3.25% notes. The Bank of New York Trust Co., NA is the trustee for the floaters (212 815-3738, Evangeline Gonzales).

Thermo Electron is a Waltham, Mass., instrument company.

Fisher is a supplier of scientific products and services based in Hampton, N.H.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.