AMAG 3¼% convertibles due 2022 are putable, amended as merger closes

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – AMAG Pharmaceuticals, Inc.’s 3¼% convertible senior notes due 2022 are putable at par following closing of a buyout of the company by Covis Group Sarl, according to an 8-K filing with the Securities and Exchange Commission.

Additionally on Monday, AMAG and the convertibles’ trustee, Wilmington Trust, NA, entered into a supplemental indenture to the indenture governing the convertibles to provide that, upon consummation of the merger, the right to convert the convertibles into shares was changed to a right to convert the convertibles solely into $502.513 in cash, without interest, per $1,000 principal amount of convertibles.

Following the consummation of the merger, AMAG, Covis Finco and the trustee entered into another supplemental indenture providing for the assumption by Covis Finco of all of the obligations of AMAG under the convertibles.

Under the put option, holders of the convertibles will have the right to put their notes at par plus accrued interest for 20 business days following the closing of the merger, which constitutes a make-whole fundamental change under the indenture.

AMAG is a Waltham, Mass., biopharmaceutical company. Covis is a Zug, Switzerland-based specialty pharmaceutical company.

© 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.