Sybron Dental Specialties sets pricing, gets tenders for 98.9% of 8 1/8% notes at early deadline

By Jennifer Chiou

New York, June 7 - Sybron Dental Specialties, Inc. announced it set pricing and received tenders from holders of $148.4 million or 98.9% of its $150 million of 8 1/8% senior subordinated notes due 2012 at the 5 p.m. ET on June 6 consent deadline.

The Orange, Calif., manufacturer and marketer of consumable dental products is soliciting consents to amend the note indenture, eliminating substantially all of the restrictive covenants and certain events of default.

For each $1,000 principal amount, the company said it will pay $1,062.44, a payment based on the present value of $1,040.63 - the redemption price for the notes on June 15, 2007, which is the first call date - discounted using the yield to maturity of the 3½% Treasury due May 31, 2007 and 50 basis points. The payout includes interest payments through June 15 as well as a $30.00 consent payment for those who tender by the consent deadline.

Pricing was set at 2 p.m. ET on June 6. The reference yield was 5.086% and the tender yield was 5.586%.

The offer ends at midnight ET on June 20 and is conditioned upon tenders from holders of a majority of the notes. It began on May 24.

Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 873-5600). Banc of America Securities LLC is the dealer manager and solicitation agent (call collect 704 388-4813 or 888 292-0070).

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