SkyePharma calls remaining 6½% bonds due 2024 after securing go-ahead

By Susanna Moon

Chicago, April 30 - SkyePharma plc said it will redeem subsidiary SkyePharma (Jersey) Ltd.'s outstanding 6½% guaranteed bonds due 2024 after amending the bonds to include the call option.

The measure for the proposal passed at a bondholder meeting held April 28, according to a press release

The company will redeem the notes at £1,148.50 per £1,000 principal amount on May 2.

In the tender offer that ended at 11:59 p.m. ET on April 25, investors had tendered £60,621,099 principal amount, or 99.67%, of the company's £60,822,124 6 bonds. The offer began March 31, and settlement was set for April 30.

As previously announced, the company sought approval for a waiver and modifications to the note terms to allow the company to redeem any remaining notes after the offer ends at 114.85% of the face amount.

The outstanding amount at the beginning of the offer was £60,822,124 after application of the pool factor of 0.731 and £83,204,000 before application of the pool factor.

The purchase price was £1,148.50 for each £1,000 principal amount of bonds, or 114.85% of the face amount, which is equal to 157.11% of par, calculated by dividing 114.85% of the face amount of each bond by the pool factor.

Those who tendered their bonds had to vote in favor of the extraordinary resolution at the meeting, which was held in London on April 28.

The company sought a waiver to the requirement for the company or the guarantor to make payment of any deferred interest following receipt by the guarantor of the proceeds of the placement and open offer.

The company also sought to amend the conditions so that the earliest date that the bondholders may put the bonds will be April 30, 2019.

The offer was conditioned on the company obtaining proceeds from a capital raising and passing of the resolution considered at a shareholder meeting set for April 25.

The tender and tabulation agent is Bank of New York Mellon, London Branch (+44 12 068 9644, fax +44 20 7964 2536 or email debtrestructuring@bnymellon.com).

SkyePharma a London-based drug delivery company developing oral and inhalation products.

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